22.11.2025 14:55
President Erdoğan, who is in Johannesburg for the G20 Summit, made a call for an inclusive and sustainable global economy. During his speech, the warning from Treasury and Finance Minister Mehmet Şimşek that "there is no English translation" and the reaction of South African President Ramaphosa to this warning became a trending topic on social media.
President Erdoğan made statements during the session titled "Inclusive and Sustainable Economic Growth: Building Economies, the Role of Trade, Financing Development, and Debt Burden" held as part of the G20 Leaders Summit in Johannesburg.
MINISTER ŞİMŞEK'S "NO TRANSLATION" WARNING
At the beginning of Erdoğan's speech, the warning from the Minister of Treasury and Finance, Mehmet Şimşek, stating "There is no English translation, sir," drew attention. Following Şimşek's warning, the reaction of South African President Cyril Ramaphosa was also captured on camera. Those moments quickly became a topic of discussion on social media.
STRIKING ECONOMIC MESSAGE
Continuing his speech, Erdoğan conveyed messages related to the economy, stating, "I invite all G20 countries to take more responsibility in building a more inclusive global economy where no one is left behind."
Highlights from Erdoğan's speech at the summit;
"As representatives of an understanding that does not sleep with a full stomach while their neighbor is hungry, we continue to fulfill our responsibilities despite all conditions. We increased our official development assistance from 6.8 billion dollars in 2023 to 7.4 billion dollars in 2024. It is impossible to reach the targeted positions with these aids.
The challenges we face affect not only the least developed countries but all economies. While trade was the strongest engine of global growth before the global financial crisis, the picture has fundamentally changed in the post-crisis period. During the period from 1987 to 2007, world trade increased at an average annual rate of 7%, while in the period from 2008 to 2024, it has declined to around 3%, significantly weakening its contribution to global growth.
"NEED FOR INTERNATIONAL COOPERATION"
Today, we need deeper international cooperation, new policy tools, and sustainable supply chains for the revival of global trade. I see it as important to strengthen international trade rules in a way that supports development and to reaffirm our commitment to the principle of special and differential treatment of the WTO. Today, the total debt ratio worldwide has reached 324% of global GDP. In Turkey, this ratio stands at 89%.
"LOW-INCOME ECONOMIES..."
This relatively low level of indebtedness provides us with significant fiscal space to accelerate structural transformation and allocate additional resources for investments. Unfortunately, most low-income economies do not have this opportunity. These countries are in a tight spot. According to the UN's 2025 debt report, in countries where 3.4 billion people live, interest payments have exceeded health and education expenditures. We support the adoption of an approach based on fair and equal treatment in the debt restructuring processes for low-income countries. As Turkey, we support the progress made in the debt restructuring processes of Ghana and Ethiopia. I recommend that the G20 take on more responsibility in building a more inclusive global economy where no one is left behind."