President Recep Tayyip Erdoğan said Wednesday that Türkiye has built an economy increasingly resilient to external shocks as he highlighted progress on inflation and fiscal discipline and called for deeper economic cooperation with the United States, including a push toward the countries' $100 billion bilateral trade target.
Speaking to representatives of the Turkish-American business community at the Turkish House in New York, Erdoğan outlined the government's economic outlook and investment priorities while attending the 81st session of the United Nations General Assembly.
"Türkiye is not an economy that merely reacts to shocks, but one that has built resilience and invests in productivity and economic security," Erdoğan said.
He said the government's economic program rests on four pillars: price stability, fiscal discipline, a sustainable external balance and structural transformation.
Despite wars and geopolitical turmoil in Türkiye's neighborhood over the past year, Erdoğan said the government had made "visible progress" across all four areas.
He said core goods inflation had fallen to its lowest level since 2020, while rent inflation had dropped to a four-year low.
Without the direct and indirect effects of regional conflicts, Türkiye could have ended 2026 with inflation in the low 20% range, Erdoğan said. Under current conditions, however, the government expects inflation to finish the year at around 28%, with stronger disinflation anticipated in 2027.
Erdoğan also pointed to Türkiye's fiscal position, saying the government had reduced taxes to shield households and businesses from rising fuel prices while maintaining budget discipline.
He said the budget deficit was expected to end the year at 3.1% of gross domestic product, compared with an average approaching 6% among comparable economies. Türkiye's public debt stands below 22% of GDP, compared with an average of around 78% among developing economies, he added.
On Türkiye's external accounts, Erdoğan said the country had kept its current account deficit and external debt indicators below their 20-year averages despite higher energy prices.
He said structural transformation remained at the center of the government's economic strategy, with investments focused on green technologies, higher-value industrial production, artificial intelligence and digital infrastructure.
Erdoğan also highlighted Türkiye's hosting of the COP31 climate summit in Antalya in November and an industrial zone being established in Ankara to attract investment in the health sector.
Turning to ties with Washington, Erdoğan said Türkiye wanted to translate the momentum in political relations into stronger economic and commercial cooperation as the two NATO allies approach the centennial of diplomatic relations.
"As we approach the 100th anniversary of our diplomatic relations, I wholeheartedly believe that we will maintain the momentum we have achieved with the United States in the economic field and together reach our $100 billion trade volume target in a short time," Erdoğan said.
He pointed to recently concluded agreements in energy, aviation and other strategic sectors, noting that the United States has become Türkiye's leading supplier of liquefied natural gas.
Erdoğan said Ankara wants to broaden energy cooperation with Washington to include nuclear power.
He argued that Türkiye-US economic ties should go beyond trade figures as the global economic order undergoes significant changes, calling for a new model of strategic economic cooperation between the two countries.
Erdoğan said Türkiye was well positioned to benefit from five major shifts expected to accelerate as regional conflicts subside: the relocation of supply chains, changing energy routes, emerging trade corridors, regional reconstruction and growing demand for defense and advanced technologies.
Companies are increasingly looking not simply for the cheapest production locations but for the most reliable ones, Erdoğan said, pointing to Türkiye's industrial base, customs union with the European Union and extensive free trade links.
He also highlighted Türkiye's position along major energy and trade corridors, including the Baku-Tbilisi-Ceyhan pipeline, the Trans-Anatolian Natural Gas Pipeline, the Middle Corridor connecting Asia and Europe and the Development Road linking the Gulf to Europe.
Türkiye's construction industry, meanwhile, is well placed to take part in rebuilding infrastructure across the region, while its defense industry has developed the capacity to contribute to the supply security of NATO allies, Erdoğan said.
He also highlighted an investment package introduced in April aimed at strengthening Türkiye's competitiveness and attracting international capital.
Erdoğan thanked the U.S. Chamber of Commerce, business councils and the Foreign Economic Relations Board (DEIK) for contributing to the meeting, which covered sectors ranging from industry, finance and energy to transportation, health and defense.
Following his remarks, Erdoğan heard assessments from business representatives attending the meeting.
