Mehmet Şimşek

The Turkish economy still has a growth potential and may join high-income countries within a year or two, Finance Minister Mehmet Şimşek has said, adding that disinflation has begun and is continuing.

"We are converging to European Union countries in terms of per capita income," the minister said, speaking at an energy conference in Istanbul.

The labor union Türk-İş demanded that the minimum wage should be increased from a current 17,000 Turkish Liras to 29,583 liras ($811).

Representatives of Türk-İş, the Turkish Confederation of Employer Associations (TİSK) and the government launched talks on Dec. 10 to decide about the minimum wage for 7 million workers, which will take affect in 2025.

As discussions to set the minimum wage for 2025 are ongoing, Finance Minister Mehmet Şimşek has hinted at a raise that could protect workers from the impact of inflation.

Speaking at parliament, Şimşek noted that the government has improved salaries and pensions with increases above the inflation rate.

The government has a comprehensive agenda for structural reforms in the economy, Treasury and Finance Minister Mehmet Şimşek has said, adding that Türkiye's productivity and competitiveness will be strengthened.

The Treasury and Finance Ministry is set to tighten its grip on the alcoholic beverage sector through intensified tax inspections.

Treasury and Finance Minister Mehmet Şimşek announced the move through social media, emphasizing the government's commitment to comprehensive sectoral audits.

Finance Mehmet Şimşek will travel to Beijing to attend the second meeting of the Türkiye-China Intergovernmental Cooperation Committee (ICC), the highest-level consultation mechanism between the two countries.

President Recep Tayyip Erdoğan is poised for a busy month of diplomacy, with several high-profile summits and meetings with world leaders on the agenda.

Erdoğan is set to open in November by addressing a session of the Organization of Islamic Cooperation's Standing Committee for Economic and Commercial Cooperation on Nov. 4 in Istanbul.

Treasury and Finance Minister Mehmet Şimşek welcomed Standard & Poor's (S&P) decision to raise Türkiye's credit rating, highlighting the country's unique achievement of receiving two-notch upgrades from three major credit rating agencies this year.

President Recep Tayyip Erdoğan on Thursday welcomed his Senegalese counterpart Bassirou Diomaye Faye to Ankara for discussions aimed at bolstering bilateral relations.

Türkiye does not experience growth issues while combating inflation and inflationary pressures "will continue to fall" thanks to tight monetary policy, Turkish Treasury and Finance Minister Mehmet Şimşek has said.