ECONOMY

Turkey’s Erdogan calls on companies to lower price to help consumers

File photo of Turkish President Tayyip Erdogan. (Reuters)

Turkish President Tayyip Erdogan on Monday called on companies to lower their prices and cut profits if necessary, to help consumers through a difficult economic time.

Erdogan also said in a speech in Ankara that US President Donald Trump told him in a call on Sunday, that Washington would take measures on its tariffs on Turkish steel imports.

ALSO READ: Turkey hikes gas, power prices by as much as 14 pct as lira crisis deepens

Last Thursday, a Reuters poll found thatTurkey’s economy began contracting in the last quarter and won’t grow again until the third quarter of 2019, while growth will miss government forecasts through 2021, underscoring the serious damage caused by a currency crisis.

The Turkish lira collapsed nearly 30 percent against the US dollar last year, pushing up the price of everything from food to fuel and sending annual inflation to a 15-year-high of more than 25 percent.

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Last Update: Monday, 21 January 2019 KSA 21:59 - GMT 18:59
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