Turkey has occupied the third rank among the 20 major economies as to economic growth after its average growth reached 5 percent during the first quarter of 2017.

In the presence of officials and ministers from 26 states and before the inauguration of Izmir International Fair, Turkish Economy Minister Nihat Zeybekci said during a news conference on Friday that Turkey achieved a 5 percent economic growth and expected the average to exceed the 5 percent in the second quarter, the 7 percent in the third quarter and the 5.5 percent by the end of the year.

The Turkey-Russia business forum was held on Friday in Izmir with the participation of 500 Turkish businessmen and around 250 Russians to discuss cooperation opportunities between the two countries and possible ways to reinforce ties.

Russian Energy Minister Alexandre Novak said that Turkey is a major trade partner, noting that Russia and Turkey are working on reinforcing cooperation in all sectors, especially agriculture, transportation, industry, construction and funding.

In a related matter, the government’s food committee in Turkey announced that it will adjust a tax in an effort to bring down the cost of meat. This will require exporters to abide by the standards to reduce the fluctuating prices of food.

Inflation spiked to an 8-1/2 year high of 11.87 percent in food prices. Economists have long said a drastic reform is needed to contain food prices and keep inflation in check.

In a statement, the government’s food committee said it would adjust a customs tax on the raw materials used in animal feed to lower the cost of meat production.

In another context, Turkey’s external assets rose by 3.8 percent in the first half of this year to reach $223.7 billion compared with the end of 2016, according to Turkey’s Central Bank.