Published On: Mon, Feb 4th, 2019

It is time for Turkey to write a new story again on its way to 2023 targets

After having experienced a tough period caused by a failed coup attempt at home and issues with neighboring countries in the region in addition to implausible attacks from the president of a far away superpower country Turkey is now spending its utmost effort to get the economy on the right track again. However, the picture in front of us tells us the challenge will not be an easy one to cope with despite the optimistic statements issued by official authorities behind the steering wheel.

On the other hand, it seems that putting the economy on the right track again will not be sufficient enough on its own for the country to make another move forward globally and the administration will be needing much more than that in this sense. In fact Turkey will need to write a new story again, on its way to reaching its 2023 targets.

Turkey will need to use production as leverage, generating more added value with the opportunities provided by new technologies, while looking at the future with focus on productivity. Moreover, Turkey has to be acquainted with digital transformation under the title of Globalization 4.0. which is the main issue for countries wishing not to lose pace and be left behind in the economic race, today. The more so when we consider the arguments shared by by experts that digital transformation has the potential to double the productivity of production with capability to affects all sectors from energy to transportation.

Turkey has to face another question at this point which is “How should we keep pace with the era while protecting the national interests of our country?” This should be considred as one of the most important questions on the agenda of Turkey. The reason is there is no other way the administration can ensure a Turkey strong enough to cope with the tough competition across the globe. If this country misses the digital transformation, it will hardly ever have the chance to catch up again.

On the other hand, while writing a new story that would appeal to global sources to be addressed, some of the factors the administration would also need to take into serious consideration could be listed as below;

United Kingdom is one of the very important trade partners of Turkey. How is the dilemma of BREXIT going to affect Turkey once it is resolved one way or the other?

The likely results to come out of the competition between the USA and China and its impact on the global trade and the transactions in our region…

The geopolitical risks and consequent political and economic developments as well as the final picture in the Middle East region and its impact on Turkey’s economy, mainly etc.

New opportunities to be created for countries like Turkey due to above developments to take place – not to forget the eventual threats either…

Therefore the administration has to focus on the issue of how to make a plan considering factors such as the demography, economic growth targets, geo-political conditions and blending technology with resources of the country so as to write a new plan that will arise the interest of the foreign world for this country.  The reason is Turkey like all developing countries does need new financial resources to be used in investments to contribute to its economic growth and the only way to do this is to make this country a hub of attraction for investors with global funds. And this is exactly why Turkey needs to write an exciting story again, on its way to pursuing 2023 targets.

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