Update on Turkey’s economy with Finance Minister Mehmet Şimşek

Since Mehmet Şimşek became minister of treasury and finance in the Erdoğan government in July 2023, he has led the government’s campaign to reduce inflation (which is down, but still running at a stiff 50% annual pace), stabilize the lira, and draw foreign investment. From mid-2023 to April 2024, the central bank raised interest rates from 10% to 50%. Turkey’s international reserves have increased, credit rating agencies have upgraded its sovereign risk ratings, and market risk spreads on its bonds have declined.

On October 25, Minister Şimşek will discuss Turkey’s progress and the challenges that remain at the Hutchins Center on Fiscal and Monetary Policy at Brookings. Prior to joining the Erdoğan administration, Şimşek served as deputy prime minister from 2015 until the office was abolished in 2018 and served a previous term as finance minister from 2009 to 2015. Before his work in government, he was an economist and strategist for the emerging Europe, Middle East, and Africa regions at Merrill Lynch in London. Earlier in his career, he worked for other investment banks and spent four years as an economist at the U.S. Embassy in Ankara. Following Şimşek’s remarks, he will be interviewed by Hutchins Center Director David Wessel and take questions from the audience.

Viewers can join the conversation and ask questions of the speakers by emailing [email protected] or on X/Twitter @BrookingsEcon using the hashtag #Simsek.