Based on data by TOBB thousands of companies have closed down in Turkey

According to data by TOBB (Union of Chambers and Commodity Exchanges of Turkey), over 4 thousand companies closed in December alone. The president of EIB (Aegean Exporters Union) said, “The increase in raw material prices and the high interest rates indicate that closures will increase further in the coming period.”

Some experts note that the decisions taken by the economic management have led to a crisis in the country, never experienced before. 2021 which closed with a wave of hikes lead to the end of the activities of many businesses and a large number of businesses were closed.

The number of companies that were opened and closed in December 2021, announced by the Union of Chambers and Commodity Exchanges of Turkey (TOBB), has further clarified the table. In December, when President Erdogan (and ruling AK Party leader) used the expressions “Competitiveness in foreign exchange leads to an increase in investment, production and employment,” 4 thousand 57 companies closed. 3 Thousand 94 of these companies can be considered limited liability companies, that is, a small-capital enterprise. In other words, 76 percent of the companies that have closed are small-cap companies.