Erdogan: Annual growth rate likely to hit 7.5 pct

Turkey will likely see an annual growth rate of 7.5 percent by the end of the year, President Recep Tayyip Erdogan said Tuesday.

Speaking at the Turkish Academy of Science, TUBA, awards ceremony held at the Presidential Complex in the capital Ankara, Erdogan praised the country's strong economic growth.

"I believe we will likely reach an annual growth rate of 7.5 percent by the end of the year," he said.

Erdogan's remarks come a day after the Turkish Statistical Institute (TurkStat) reported that Turkey became the fastest-growing economy among G20 countries after clocking in with 11.1 percent growth in the third quarter of 2017.

Monday's report makes the country's growth the fastest among the world’s 20 largest economies and marks the third consecutive quarter where annual expansion topped 5 percent. China came in second with 6.8 percent and India was third with 6.3 percent among all G20 countries.

Erdogan said the weakness of Turkish lira was "in no way" a true reflection of the current status of the economy. "Therefore, I believe that the exchange rates will achieve the right balance soon."

The president went on to say that it was "useless" to attempt to legitimize pressure to increase interest rates through short-term manipulations.