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Turkey has experienced years of rapid growth fuelled by a construction boom and cheap loans.
But the economy has slowed sharply with the impact of a currency crisis that last year wiped 30 percent off the value of the lira against the dollar.
Erdogan has blamed external forces for the state of the economy.
"While efforts to collapse our economy through the foreign exchange rate continue, we have control now," Erdogan told Turkish business people in Istanbul.