Published On: Fri, Apr 19th, 2019

Business world warns main agenda of Turkey should be economy and reforms

Business world warns main agenda of Turkey should be economy and reforms

Following the local elections on 31 March 2019, the business world in Turkey now expects the government to focus on economy with full potential and introduce new reforms to put the economy on the right track again. Within this scope, the representatives of major associations have called on the government to act immediately so as to put an end to the negative trend of economic data such as inflation, devaluation of Turkish lira and unemployment etc.

On March 31 Turkey held local elections and administrations to run the municipalities for the next 5 years were determined by citizens. Although the elections turned out to be a little problematic as there were objections to many results, at the end of the day the country proved to abide by democracy. Now it is the most important priority to open a new chapter and get focused on economy which has been a true headache for Turkey for quite a while now. Within this scope, the business world would like the government to start designing and implementing structural reforms immediately to strengthen the foundations of the economy.

Major associations such as TUSIAD (Turkish Industrialists’ and Businessmen’s Association), TOBB (Turkey Chambers and Stock Exchanges Union), ITO (Istanbul Chamber of Commerce) and MUSIAD (Independent Industrialists’ and Businessmen’s Association) have issued statements supporting the government in this direction.

TUSIAD for instance has emphasized the fact that permanent solutions should be designed and implemented and added that the new economic program should be in line with tight monetary and budget policies as a priority for economic confidence. TUSIAD also noted that structural reforms should proceed rapidly in all key areas such as investment climate, education, digital transformation and labor market and the basic goal should be to produce permanent solutions to our economic problems.

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