Mehmet Şimşek
Mehmet Şimşek | |
|---|---|
| Born | January 1, 1967 Arıca, Gercüş, Batman Province, Turkey |
| Occupation(s) | Politician, economist |
| Years active | 1990s–present |
| Known for | Minister of Treasury and Finance of Turkey |
Mehmet Şimşek (born 1 January 1967) is a Turkish politician and economist currently holding the position of Minister of Treasury and Finance since 4 June 2023. He previously served as Deputy Prime Minister of Turkey from November 2015 until the role was discontinued in July 2018. From 2009 to 2015, Şimşek was the finance minister during the administrations of Prime Ministers Recep Tayyip Erdoğan and Ahmet Davutoğlu. As a member of the Justice and Development Party, he was elected as a MP representing Gaziantep in 2007 and later for Batman in 2011.
During Erdoğan’s second term cabinet (2007–2011), Şimşek served as minister of state with responsibility for economic affairs. He assumed the finance minister role in 2009 and continued in this capacity through Erdoğan’s third cabinet and Davutoğlu’s initial cabinet.
In his capacity as finance minister, Şimşek crafted fiscal strategies that played a crucial role in Turkey’s robust rebound following the 2008 global financial crisis. His tenure saw significant reforms such as the creation of the Tax Audit Board, simplification of tax laws, strengthening of taxpayer protections, and efforts to curb the shadow economy.
Early life education
Born into a Kurdish family in 1967, Şimşek hails from the village of Arıca, Gercüş located in Batman Province, Turkey. He was the youngest among eight children and experienced the loss of his mother at age four. His early education took place across Batman, Beşiri, and Gercüş. After completing high school, he briefly managed a retail shop before pursuing higher education in economics at Gazi University in Ankara, later transitioning to political studies. He graduated with a B.Sc. in Economics from Ankara University in 1988. Following his role as a research assistant, he earned a state-funded scholarship to study at the University of Exeter in the United Kingdom, where he completed an M.Phil. focused on Finance and Investments in 1993.
Şimşek’s professional experience includes seven years as chief economist and strategist for the emerging markets covering Europe, the Middle East, and Africa at Merrill Lynch in London. This period allowed him to establish connections with Turkish government officials and the Central Bank of the Republic of Turkey. He also collaborated closely with the AKP administration on economic policy formation. Prior to this, he held positions such as senior economist and bank analyst at Deutsche-Bender Securities (1998–2000), spent one year at UBS Securities in New York City (1997), and worked nearly four years as senior economist at the U.S. Embassy in Ankara.
Political career
Şimşek entered politics as an AKP Member of Parliament for Gaziantep in 2007. Initially appointed as a Minister of State, he advanced to become Finance Minister in 2009.
In recognition of his influence, Foreign Policy included him among the world’s 500 most powerful individuals in 2013, while Emerging Markets magazine honored him with "Finance Minister of the Year for Emerging Europe" that same year.
2014 economic slowdown
In 2014, Turkey experienced a deceleration in economic growth which government officials largely attributed to challenges within the Eurozone alongside internal political instability. By March 2015, the value of the Turkish lira had fallen sharply against the US dollar, reaching ₺2.68 per US$1. This depreciation triggered intervention by the Central Bank of Turkey, amid criticism directed at President Recep Tayyip Erdoğan due to his involvement despite his largely ceremonial duties. The political uncertainty created vulnerabilities within the economy, with Erdoğan’s public statements accelerating lira depreciation. Investor apprehension also extended toward Deputy Prime Minister Ali Babacan, who was responsible for economic matters.
Despite these difficulties, Finance Minister Şimşek remained hopeful that the lira would regain strength and that inflation would decline swiftly during 2016. Nevertheless, prominent government Islamists such as Numan Kurtulmuş questioned the autonomy of the Central Bank, prompting Şimşek to caution that politicizing this institution could obstruct a prompt return to robust economic growth.
Throughout this period, Şimşek defended his record by emphasizing that despite external pressures on the economy, budgetary discipline was maintained by the administration.
Poverty alleviation
In May 2015, Şimşek asserted that the government had successfully lowered poverty levels, referencing a reduction in the proportion of people living on less than $1 per day from 0.2% in 2002 to zero by 2013. This claim generated considerable debate.
June 2015 general election
Prior to the June 2015 general election, Şimşek identified populist rhetoric from opposition parties as the foremost economic risk facing Turkey. He specifically criticized the Republican People's Party (CHP) for proposing an increase of the minimum wage to ₺1,500, cautioning that such a move would raise labor expenses and potentially cause job losses. Şimşek also challenged the CHP to reveal how they intended to finance their expenditure plans, noting that their eventual explanations pointed to government corruption allegations, excessive spending on the Presidential Palace, and fiscal wastefulness.
In the lead-up to the election, Şimşek approved financial support amounting to ₺1.325 billion directed towards farmers and manufacturers to bolster critical sectors of the economy.
After the 2018 election, Berat Albayrak, President Erdoğan’s son-in-law, succeeded Şimşek as Minister of Treasury and Finance.
Cyberattack
In 2019, it was disclosed that Şimşek had been a target of Project Raven, a secretive UAE surveillance and hacking initiative aimed at governments and activists critical of the UAE monarchy. Utilizing an advanced hacking tool called Karma, operatives compromised Şimşek’s iPhone.
Reappointment as finance minister
On 3 June 2023, following President Erdoğan’s re-election, Şimşek was reinstated as Minister of Treasury and Finance.
During this period, Turkey faced sharply rising inflation: annual inflation surged to 69.8% in April 2024 from 43.68% the year before. By March 2025, inflation had decreased to 38.1%, continuing a downward trend from a peak near 75% recorded in May 2024.
Personal life
Şimşek has been married twice. His first marriage was to American Annalise Granwald; they wed in Turkey on 20 January 1999 and divorced on 23 July 2009. He remarried Esra Kara on 9 January 2010 and has twin daughters along with a son from this union. Şimşek is proficient in Turkish, Kurdish, and English and holds dual citizenship in both Britain and Turkey.
See also
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