Looking ahead
Leaders from key business organizations look into their crystal balls for 2019
1 TUSIAD: It is important to expand the areas of freedom
Erol Bilecik, Chairman of Turkish Industry and Business Association (TUSIAD), said that all sectors have been struggling for some time to tackle the waves created by national and international politics and economic agenda. “Unfortunately it seems clear the downward trend in our economy, which has been growing continuously for the last 9 years, will continue in the next year. The economy will not recover only with economic reforms. The way to strengthen the economy is to become a transparent, conciliatory, democratic and fair society. Simultaneously, with economic reforms, it is important to expand democracy and freedom of expression.”
2 MUSIAD: Take precautions and keep the winter ahead
Independent Industrialists’ and Businessmen’s Association (MUSIAD) President Abdurrahman Kaan said that the latest data showed us that the flexibility of investment in our country has increased. “We’ve heard the footsteps of a new chaotic period that awaits the world as we finish 2018. It’s not just a new year; it’s a new process. Let us take our precautions and keep our eyes on the winter; let the summer come as it may” he noted.
3 TIM: Exports will fuel growth
Ismail Gulle, chairman of the Turkish Exporters’ Assembly (TIM), said exporters hope Turkish exports will reach over $200 billion within a few years. Turkey’s exports in the first 10 months of this year totaled $138.7 billion, up 7.6 percent year-onyear, according to the Turkish Statistical Institute (Turk Stat). Stating that exports will fuel growth again in 2019, Gulle said firm steps are being taken towards Turkey’s 2023 export targets through ramping up innovation, R&D, design, and branding. “We’re looking ahead to our country’s future with hope,” Gulle said.
4 DEIK: Economy will show its real capacity
Nail Olpak, head of the Turkish Foreign Economic Relations Board (DEIK), predicted that Turkey’s new economic program based on stabilization, discipline, and transformation will enjoy long-term success. “We believe that our economy will show its real capacity by mobilizing all our opportunities with determination and dedication,” he said.
5 ISO: Alternative financing models to reduce CAD
Erdal Bahcivan, head of the Istanbul Chamber of Industry, said the country had generated a new economic agenda of stabilization and recovery. “I’m sure that in the coming months, various alternative financing models will be introduced in order to support value-added and technological investments which will help reduce Turkey’s current account gap,” he said.
6 ITO: The results of rebalancing and stability
Sekib Avdagic, chairman of the Istanbul Chamber of Commerce, said: “In 2019 we will see the results of rebalancing and stability processes.” Businesspeople are optimistic about 2019, which will be a year of gains for manufacturers, he added. Avdagic underlined that businesspeople’s three main expectations in 2019 are timely allowance payments to contractors, fast VAT returns and improved access to financing.
7 ASKON: Turkey entered a balancing period
Hasan Ali Cesur, chair of the Anatolian Lions Businessman Association (ASKON), stressed that as of the end of this year, Turkey had entered a balancing period. In this new period, Turkey will fight inflation, high interest rates, and the current deficit, and it has the power to meet these targets, he said. “Turkey is a magnet for investors with its geographic and strategic position. Last year Turkey grew, despite all of the problems.”
8 TURKONFED: Cash flow vital for SMEs
Orhan Turan, head of the Turkish Enterprise and Business Confederation (TURKONFED), said uncertainties need to be cut sharply to protect Turkey’s financial markets from fluctuations. The regularity of cash flow carries vital importance for small- and medium-sized enterprises, the engine of the economy, and reducing problems to access financing makes them stronger, he said.
9 TOBB: We will consume less and pay back our debts
The Union of Chambers and Commodity Exchanges of Turkely (TOBB) President Rifat Hisarciklioglu said that investments made in Turkey are mainly on domestic consumption and construction instead of producing goods for foreign trade. “Now we need to make new jobs that are compatible with global change or find new procedures for old jobs. We will pay back our debts and consume less. So we will determine a new growth path for Turkey and a new strategy for the enrichment of the society” he said.
10 TBB: Threats and risks will diminish
Huseyin Aydin, Chairman of the Banks Association of Turkey said the banking sector is working to provide the financing required by economic activity to realize the growth target envisaged for 2019. “We expect that 2019 and beyond will be a period in which threats and risks diminish and opportunities come to the forefront. We will continue to complete our deficiencies and support our country,” he said.