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Turkish President Recep Tayyip Erdogan on Saturday called for deep-rooted international cooperation, innovative policy tools, and sustainable supply chains to help revive global trade, warning that its contribution to global growth has weakened over time.
Speaking at the G20 summit in Johannesburg, Erdogan said the challenges facing the global economy impact not only the least developed countries but also advanced and emerging economies.
“We consider it important to strengthen international trade rules in a way that supports development and, in particular, to reaffirm our commitment to the principle of special and differential treatment under the World Trade Organization,” Erdogan said.
Erdogan noted that the global debt-to-GDP ratio has surged to 324%, while in Türkiye it stands at around 89%.
“This relatively low level of indebtedness provides us with significant fiscal space both to accelerate structural transformation and to allocate additional resources for investments,” he said.
“Unfortunately, most low-income economies do not have this advantage. These countries are effectively trapped between high financing costs and shrinking fiscal space.”
The Turkish leader expressed Ankara’s support for adopting a fair and equal approach to debt restructuring, especially for low-income countries.
“I invite the entire G20 to assume greater responsibility in building a more inclusive global economy where no one is left behind,” he said.
Erdogan warned that total global development aid, which declined 9% in 2024, is projected to fall by as much as 17% in 2025—a trend he said would lead to “significant losses” for Africa.
He emphasized Türkiye’s commitment to developing financing models for sustainable development, particularly for the least developed countries, by mobilizing local resources.
The Turkish president is attending the two-day G20 summit in Johannesburg, which began Saturday and aims to address some of the world’s most pressing economic and development challenges.
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