ANKARA, March 25 (Xinhua) -- Turkish President Recep Tayyip Erdogan on Monday mentioned the recent economic challenges of the country and vowed to place Türkiye among the 10 biggest economies of the World in the upcoming years.
Erdogan, also chairman of the ruling Justice and Development Party (AKP), has been holding rallies across Türkiye ahead of the March 31 local elections.
"We tripled the size of our country's economy in 21 years, and in the coming period, we will double it again, propelling Türkiye into the top 10 largest economies in the world," he said when addressing a rally in northern Tokat province.
The Turkish president mentioned the recent economic challenges of the country, particularly for retirees, and said the government would take additional measures for their welfare.
"To alleviate the difficulties of our retirees, we have increased (Ramadan) feast bonuses and initiated bank promotions. Our public banks have started accepting applications. Bonuses will be deposited into accounts next week," he said.
The Turkish government is also taking steps to tackle the "biggest headache" of the country, which is inflation, he added.
"We will all witness a significant drop in inflation in the second half of the year," Erdogan said.
Türkiye has been facing economic difficulties in the past few years. Despite recent wage and pension increases, many Turks are struggling to afford necessities due to soaring inflation.
The Turkish lira declined almost 8 percent this year, following a 37 percent decline in 2023. The weakening currency amplifies huge import costs, further fueling inflation in Türkiye.
