Photo: AFP/Anadolu Agency/Murat Cetinmuhur
Meszár Tárik
27/03/2024 09:38
As Türkiye celebrated the end of its first century as a republic and entered what Erdoğan called “Türkiye’s century”, the Turkish president noted: “In this arduous journey, we constantly encounter new trials, new problems and new obstacles - from the fight against terrorism to economic pitfalls.” In the fight against terrorism, Türkiye has not hesitated to use military force, intensifying airstrikes against Kurdish extremists and terrorist organizations in northern Iraq and northeastern Syria, which frequently launch attacks on Ankara and other Turkish cities from these areas. In this context, Erdoğan stated that the year 2024 would mark the end of a troubled period for Türkiye, expressing the country’s commitment not only to its own security and prosperity but also to promoting an atmosphere of peace.
However, the problem of inflation persists: The annual inflation rate reached 62% in November 2023, exceeding the October figure (61.4 per cent) but falling slightly short of the market forecast of 63 per cent. In June 2023, Hafize Gaye Erkan, the former co-CEO of First Republic Bank in the United States, took the helm of the Turkish central bank, and Mehmet Şimşek was reappointed as finance minister more than a decade after his last term in office. They adopted a more traditional approach to lower inflation and stabilize the lira. According to analysts, a tight monetary policy could significantly contribute to addressing Türkiye’s inflation problems.
Referring to the war in Ukraine and the conflict between Israel and Hamas, the president stated that Türkiye was keen to “establish peace and strengthen relations with allies.” In the first official Turkish press statement following the Hamas attack on Israel on 7 October, President Recep Tayyip Erdoğan called for restraint and condemned impulsive actions that could escalate tensions. The Turkish government then gradually adopted a more radical tone and officially condemned the brutality of the Israeli counter-attacks. Despite the strained relations, Türkiye maintains trade ties with Israel, though Ankara reports a significant decline in trade since 7 October. In any case, the Turkish government has stated that it insists on peace in the region and wants to improve its relations with the countries of the region in all areas. In his New Year’s address, Erdoğan described Türkiye as a supporter of efforts to create a better, fairer and more prosperous world.
The author is a senior researcher at the Eurasia Center
