Many countries are now preparing themselves for recession, Erdogan said.

On Wednesday, Turkish President Recep Tayyip Erdogan warned about the negative impacts of the ongoing U.S. war on Iran, while emphasizing the importance of securing energy supplies.

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“We have all followed what happened since the first days of the Iran conflict, whose negative effects we have felt,” said Erdogan when addressing an event for renewable energy investments.

“While a recovery in the global economy was expected just a few months ago, as the crisis dragged on, many countries are now preparing themselves for recession,” he said, stressing that energy supply is a matter of national security.

“The closure of the Strait of Hormuz taught us that ensuring energy supply security is not just a matter of development; it is also a matter of sovereignty and national security,” Erdogan added.

“In the last 20 years, our country’s energy needs have doubled. Currently, imported sources account for approximately 57 percent of our energy supply. While it varies each year, our energy import bill ranges from 60 to 100 billion dollars,” he noted.

Türkiye has been working to expand domestic energy production while increasing the share of alternative energy sources in its energy mix, including renewable energy, domestically produced fossil fuels, and nuclear power.

The U.S. war on Iran is driving up Türkiye’s energy import costs, raising concerns that it could intensify inflation and widen the country’s current account deficit in the months ahead, analysts have warned.

teleSUR/ JF

Source: Xinhua

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