Union of Chambers and Commodity Exchanges of Turkey

In his speech, TOBB President M. Rifat Hisarcıklıoğlu pointed out the importance of sharing ideas and mutual empathy for the success of the economic program.

Stating that the communication between the public and the real sector should be kept strong, Hisarcıklıoğlu said, “As the private sector, we are aware that the prerequisite for a high and stable growth process and an attractive investment environment is stability in the macro economy and the elimination of uncertainties.”

Hisarcıklıoğlu said that they welcomed the steps taken by the public administrations and the rational policies implemented to reduce the accumulated risks and fragility factors in the economy to a great extent. Noting that they see the stability achieved in money markets and the Turkish lira, the improvement in the foreign exchange balance, the decline in the credit risk premium and the increases in the sovereign credit rating as a result of this, Hisarcıklıoğlu said, “In the next stage, there are additional steps we need to take both to increase social support for the economic program and for a brisk growth process.”

In his speech here, İbrahim Şenel, Presidential Strategy and Budget Director, pointed out that the world economy is facing three main crises, namely the management and governance, financial and climate crises.

Drawing attention to the fourth crisis awaiting the world, Şenel said: “Today, many countries, including our country, are facing the fourth crisis, the demographic crisis. While the population is rapidly aging and the proportion of young population is decreasing, this transformation increases the economic and social burden of countries and limits the source of qualified manpower for the future. Recently announced population projections indicate that the rate of elderly population will exceed 15 percent in the first half of 2030 in our country, whose fertility rate has declined to 1.5 percent, and the demographic window of opportunity will close.”

Stating that it is important to read the future correctly and direct the economy in the targeted direction, Şenel said, “Türkiye is an economy that has proven its resilience despite many rare adversities through 2010-2023 such as the abhorrent coup attempt, geopolitical tensions, Covid-19 outbreak, exchange rate shocks, and the earthquake disaster affecting 11 provinces. Our economy, which grew by 5.4 percent in the last 20 years and 5.8 percent after 2010, has displayed a high growth performance of 7.3 percent in the last 3 years.”

Pointing to the decline in inflation, Şenel said, “In this process, monetary, fiscal and incomes policies were carried out in harmony. We opened the door to a period in which the wounds of the earthquake were quickly healed, budget deficits decreased and decisive steps were taken to move from the disinflation process to the price stability process.”