Union of Chambers and Commodity Exchanges of Turkey

Speaking at the opening of the Anti-Corruption Conference, Hisarcıklıoğlu stated that they’ve been unable to achieve stable growth on a global scale in the last six years, that youth employment has reached an all-time high while inequality has surpassed being an economic problem and turning into a social problem.

Stating that, despite all of this, he believes that they are at an over-all better place in regards to the global economy, Hisarcıklıoğlu went on: “In all honesty I believe that we are still at the beginning of the road. We are facing a structural problem in debt. McKinsey stated all this in the last report. In 2007, global debt stood at 142 trillion USD.

Today, it has increased to 199 trillion USD. The world has come to have debt which is almost three times its income.80% of countries have more debt than prior to 2007.

This is unsustainable. We must adopt a strategy to decrease debt over the medium term. The global economy is transitioning to a new global economic monetary policy. This is an extraordinary situation. All businesses must reevaluate their 2015-2016 estimates. Uncertainties are increasing.

Stressing the need for global coordination mechanism in order to address these problems, Hisarcıklıoğlu pointed out the importance of the G20 to this end.

TOBB President Hisarcıklıoğlu stated that term presidency is an opportunity which will be encountered only once every 20-25 years, “I hope that we will be able to contribute to this process as Turkey. The present mechanisms are at their limits, we all know that G20 must be more effectively used.”

Stating that the establishment of an economic system wherein the healthy development of businesses is everyone’s priority, Hisarcıklıoğlu said, “We will continue our efforts to this end as the B20. Our taskforce will be presenting their report in September and we will convey the results and their suggestions to the G20 governments.”