Erdogan: "9% inflation in Europe worse than 80% inflation in Turkey"

Turkish President Recep Tayyip Erdogan claimed that Turkey is the most successful country in turning the global crisis into an opportunity, and said that it would not do any good to the country if they were to be held up by concerns over inflation, currency rates and interest rates.

Speaking in an award ceremony for Turkish contractors with operations abroad, Erdogan said:

"Although some doom-mongers try to demoralize our people, Turkey is the most successful country in turning the global crisis into opportunity. Don't we have problems of inflation, interest rates, currency rates? Of course we do. But our capabilities and the opportunities we face are so big that if we let ourselves be held up by concerns over such problems it will do no good to our country."

Erdogan also said that Turkey is not faced with an energy crisis that the European countries are currently facing. He said:

"In terms of energy, we are conveniently making preparations for the winter while Europe is having stomach cramps. Factories are operating across our country. Trucks, trains, ships, planes cannot carry enough freight and cargo. We are breaking new records in exports every month. We are close to the highest level of employment with almost 31 million people employed."

He claimed that the 9% inflation in Europe was worse than the 80% inflation in Turkey.

"They complain saying, 'They have an inflation of 9% while ours is 80%.' Well, but the economic and social results of their 9% inflation and our 80% inflation is not the same."

He continued:

"There are so big gaps in Europe between the increases in the prices of consumer goods, particularly food, and the increases in wages, that people are now going out on the streets. And I'm not talking about the five-six fold differences between policy interest rates and inflation. Those who tried to prevent the crisis by pumping money into the system are now trying to find out how they'll pay the price of this unbalanced policy. We are not faced with any of these issues."