The 2nd Istanbul World Islamic Economy Summit was held at the Istanbul Financial Center, bringing together leaders and experts from across the Islamic world.
President Recep Tayyip Erdoğan opened the 2nd Istanbul World Islamic Economy Summit, expressing his pleasure in hosting participants at the crossroads of three continents.
He highlighted Türkiye’s steady economic progress under its two-year reform program, noting that annual inflation has fallen for 11 consecutive months, reaching a 40-month low in April, with the goal of bringing it permanently to single digits. Erdoğan also credited the recent drop in global oil prices for helping reduce inflation and the current account deficit.
The president pointed to other positive signs, including central bank reserves surpassing 153 billion dollars and unemployment falling to 7.9 percent in March, the lowest since 2005.
Addressing the broader Islamic economy, Erdoğan noted that although Muslims represent 25 percent of the world’s population, the 57 member states of the Organization of Islamic Cooperation account for only 11 percent of global trade. With the Islamic finance sector valued at around 2.5 trillion dollars, he urged Muslim countries to deepen trade, investment, and financial cooperation to strengthen their global economic position.
Read next
17:13
U.S. strikes on Iran
Azerbaijan’s Foreign Ministry on Saturday voiced deep concern over the escalating tensions following the United States’ military strikes on Iranian nuclear facilities, calling on all sides to prioritize diplomacy over confrontation.
16:11
Bold and Brilliant
The Pentagon concluded a high-stakes press briefing Saturday afternoon following the U.S. strikes on Iran’s nuclear facilities, outlining the scale and success of the mission while stressing the door remains open to diplomacy.
15:53
Türkiye
Türkiye has voiced strong concern following the United States’ strikes on Iranian nuclear facilities, warning that the action could dangerously escalate the conflict and trigger a global crisis.
14:00
oil price
Global investors are bracing for significant market turmoil when trading reopens, with analysts predicting a sharp spike in oil prices and a flight to safe-haven assets following the United States' announcement of military strikes against three Iranian nuclear facilities.
13:55
"Red Line" crossed
Iran’s top diplomat on Sunday issued a stark condemnation of the United States following overnight military strikes on Iranian nuclear facilities, declaring that Washington had crossed a "very big red line" and would be held "fully responsible" for the consequences.
What is your opinion on this topic?
Leave the first comment