Türkiye’s Erdogan launches reelection campaign, pledging to curb rising inflation

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Turkish President Recep Tayyip Erdogan launched his reelection campaign on Tuesday, with pledges to slash soaring inflation to single digits and boost economic growth.

“We will reduce the inflation to single digits again, and definitely, we will save our country from this problem,” Erdogan told his supporters at the election campaign ceremony in the capital of Ankara.

When elaborating on his party’s election manifesto, Erdogan said the ruling Justice and Development Party’s (AKP) aimed to achieve annual economic growth of 5.5 percent between 2024 and 2028, raising gross domestic product to 1.5 trillion U.S. dollars by the end of 2028.

“In the coming period, with an annual growth rate of 5.5 percent, we will increase our national income to 1.5 trillion U.S. dollars, and then our main target is 2 trillion dollars,” he said.

After two decades of rule, Erdogan seeks another term of presidency in the elections scheduled on May 14, while the ailing economy with elevated inflation and weak currency becomes one of his biggest challenges.

Türkiye’s annual inflation had risen for 17 months to hit 85.5 percent last October, bringing about a sharp decline in Turkish households’ purchasing power. The rate eased to 50.5 percent in March.

In response, Erdogan promised to improve the welfare of employees, civil servants and retirees by “always increasing their wages above inflation.”

Erdogan also offers further financial assistance for the households to help them get a steady income.

“We will establish a Family and Youth Bank, funded by our natural gas and oil income to provide a financial contribution to the youth, to encourage them to start their families, to help their education, employment, and childcare,” he said.

His government will focus on investment, production, and exports to boost growth, aiming to reach the targeted foreign trade volume of 1 trillion dollars, Erdogan said.

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