Top business group TÜSİAD: Turkey should be normalized

Top business group TÜSİAD: Turkey should be normalized

ANKARA

Turkish Industry and Business Association (TÜSİAD) High Advisory Board Chair Tuncay Özilhan has urged for a “normalization” in the country and a “revision” of state of emergency conditions, stating that Turkey’s recent record on democracy is having a negative effect on investments and the economy.

“Deviating from the democratic environment drives investors away from Turkey. For this reason there should be an immediate transition to a normal environment,” Özilhan said on Dec. 7, at the second TÜSİAD High Advisory Board gathering in Ankara.

“The independence and impartiality of judicial bodies, a free and scientific academic environment, free media and a free internet environment are important parameters of a country’s competitive power,” he added.

“We should not get caught in the interest rate and inflation spiral again ... We should keep good relations with the West despite any double standards they have shown toward Turkey,” Özilhan said.

TÜSİAD Chair Erol Bilecik echoed Özilhan’s call for “normalization” in Turkey, which has been under a state of emergency since shortly after the July 2016 coup attempt.

“I think the state of emergency regulations should be revised and Turkey to be normalized quickly,” Bilecik said.

The TÜSİAD chair noted that Turkey’s economic growth has been impressive this year, but this growth has come with inflation.

“We have adopted a monetary policy based on cash flow. We have seen that the policies have aimed to raise the supply rather than support efficiency. We have come to a point where we have to be very careful in terms of fiscal discipline,” Özilhan said.

“There has been a negative tendency in terms of risk perception,” he added.

In order to fight inflation the Central Bank should provide “price stability,” Özilhan stated.

“Any policy that drives us from price stability will hurt our economy. In the economy, high inflation and high growth cannot be used at the same time. This type of growth is unsustainable,” he said.