TUSİAD Call to Erdoğan: The Rules of Economics must be Returned

TUSİAD has released a statement on the ‘new economic model’. In the statement, it was stated that “the generally accepted rules of economics should be returned quickly”.

Turkey’s Industrialists and Businessmen Association (TUSIAD) has published a written statement on its official website. In the statement, the evaluation regarding the new economic policy announced by the Ministry of Treasury and Finance as the “Turkey Economy Model”, “As a result of the instability we have experienced recently, it has become clear that the desired results cannot be achieved with the economic program that is being tested.”

The following statements were in the statement:

“As TUSİAD, we shared our views many times with both public institutions and the public that the policies formed by early interest rate cuts would create instability, even before this economic framework was drawn, and while the process was still going on. We emphasized the risk of suppressing growth, employment and, most importantly, resulting in our impoverishment as a country.

As a matter of fact, after the steps taken within the scope of new economic preferences, an environment of insecurity and instability has emerged. We see that the demand for foreign currency, especially in the domestic market, has risen sharply, and this has disrupted all existing economic balances.

The economic policy followed creates new economic problems not only for the business world, but also for all our citizens. In the long term, the risk of causing much larger structural problems has increased. Even our exporters, who are expected to benefit the most, suffer from this environment.

As a result of all these, it is clear that it is necessary to determine the damage that has occurred in the economy in the last period and to return to the generally accepted economic science rules, which are supported by all stakeholders, primarily within the framework of free market functioning.

We have already pointed out the problem of “deinstitutionalization” in our country and shared the necessary approach for our development with the public in our study “Building the Future with a New Perspective: People, Science, Institutions”. We must implement rule-based policies that will benefit our country’s economy and pave the way for predictability, investment environment and development. The steps to be taken, especially the inclusive and effective strengthening of institutions and rules, are essential for the establishment of an environment of trust in our country.

As TUSİAD, we are ready to contribute to the right steps to be taken in this direction.”

 

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Summary

TÜSİAD has released a statement on the 'new economic model'. In the statement, it was stated that "the generally accepted rules of economics should be returned quickly".

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