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Erdogan promises to make Turkey a 'high-income' country

Erdogan has pledged to make Turkey a leading global economy [Anadolu]

Date of publication: 24 May, 2018

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President Erdogan is promising that he will boost Turkey's economy and raise living standards as he prepares for next month's elections.

President Recep Tayyip Erdogan promised to boost Turkey's economy and transform the country into a high-income nation, during a campaign speech on Thursday.

Turkey will go to the polls on 24 June, following Erdogan's call for a snap election that will decide the country's parliament and president.

Erdogan unveiled the slogan for his Justice and Development Party's (AKP) campaign on Thursday: "Strong Parliament, Strong Government, Strong Turkey".

During the rally with AKP parliamentary candidates in Ankara, he promised to continue Turkey's economic growth.

"Turkey's new aim is to be among high-income countries," he said, according to Anadolu news agency.

"Turkey will not only be self-sufficient in the defense industry, but also it will become one of the leading exporting countries."

He added that women will be at the heart of this economic drive.

"We will increase women's labour force participation rate to over 40 percent by the end of 2023," he added.

Turkey's lira has been hit hard in recent months, losing 20 percent of its value against the dollar this year.

The lira is now trading at almost five to the dollar, with the central bank having to introduce an emergency hike in exchange rates on Thursday to help rescue the currency.

Erdogan has been opposed to raising interest rates, seeing them as an enemy of economic growth and has opposed central bank efforts to increase them.

The election could also see the president granted greater control over the economy, an announcement that has been key to the recent devaluation of the lira.

Turkey has, however, seen huge economic growth in the past 15 years Erdogan has led the country.

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