Prof. Dr. Hakan Kara: “These Are Our Better Days”

As economic indicators point to a contraction, economists are raising alarms. The most striking comment came from Prof. Dr. Ali Hakan Kara, who stated, “These are our better days.”

While the Central Bank of Turkey’s (TCMB) Real Sector Confidence Index reflects increasing expectations of an economic slowdown, the Bahçeşehir University Center for Economic and Social Research (BETAM) also forecasts a contraction. According to BETAM’s leading indicators, a contraction is expected.

BETAM Predicts a 0.6% Contraction in the Second Quarter

BETAM anticipates that the Turkish economy will shrink by 0.6% in the second quarter of 2024 compared to the same quarter of the previous year, based on finalized preliminary GDP indicators for April, May, and June. BETAM’s calculations, adjusted for seasonal and calendar effects, also predict a 0.7% decrease in GDP in the second quarter of 2024 compared to the previous quarter.

“These Are Still Our Better Days”

Former Chief Economist of the Central Bank of Turkey and Bilkent University faculty member Prof. Dr. Ali Hakan Kara commented on the Real Sector Confidence Index data released by the TCMB, saying:
“I don’t want to dampen spirits, but these are still our better days.”