Şimşek: War has fueled global inflation

He said the energy supply shock was approximately twice the size of the 1973–1974 oil embargo and nearly seven times larger than the energy crisis that followed the Russia-Ukraine war in 2022. Şimşek emphasized that the conflict has negatively affected foreign trade in regional economies and tightened global financial conditions.

Şimşek stressed the need for Türkiye to strengthen its energy security and diversify trade routes, noting that alternative trade corridors could help reduce supply chain risks. He stated that Türkiye's defense industry has an order backlog of $18 billion and more than 4,000 companies operating in the sector. He also highlighted Türkiye's extensive airline network and construction industry capacity as potential contributors to post-war reconstruction efforts. Şimşek added that achieving lasting peace would support the global economic recovery.