Turkish economy needs stable growth

Turkish Industry and Business Association head says rapid decision making to be most important part of presidential system 

Turkish economy needs stable growth

World Bulletin / News Desk

The Turkish economy needs to show a balanced growth performance with a healthy slowdown, according to the head of the Turkish Industry and Business Association (TUSIAD) on Wednesday. 

"Rapid decision making will be the most important side of the new presidential system," Bilecik said. "One of the important features of simplification [of bureaucracy] is speed, which brings efficiency and lower costs."  

Following the June 24 general elections, Turkey officially switched to a new presidential system of government. The Cabinet reshuffle saw economy-related ministries cut to nearly half;  the new economy management model has three pillars -- production, finance, trade -- with a focus on growth and clarity. 

Bilecik said all players in the ecosystem should express their opinions and discuss the issues adequately during the decision-making process.

"This is one of the essential expectations of the business world," he said. "Because consultations that are held after decisions have been made do not cause anything but a waste of time."

Bilecik said volatility of exchange rates is affecting the Turkish business world while higher interest rates are also causing a loss of appetite for investments.

"Far ahead of these two, the biggest problem of the business circle is inflation as it reduces predictability," he said, noting that the rise in consumer prices has exceeded reasonable levels.

Bilecik also said the Turkish economy overheated last year and witnessed a period in which the inflation rate rose significantly. 

"We need to start a soft landing, because sudden brakes will definitely cause troubles," he said. "We need a healthy slowdown and more stable economic growth."

 

Last Mod: 01 Ağustos 2018, 18:06
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