Conservative bosses in Turkey hopeful on economy in 2014

Conservative bosses in Turkey hopeful on economy in 2014

Conservative businessmen are still optimistic about growth and employment in 2014 despite the corruption scandal in the country that has recently hit the markets, according to a survey.

A survey conducted with 868 members of the Independent Industrialists’ and Businessmen’s Association (MÜSİAD) has revealed that the organization expects the economic growth rate in 2014 to be higher than that of 2013.

The survey results were presented in a report titled “2013 Evaluation and 2014 Expectations,” the subject of which was MÜSAİD’s view on the course of the Turkish economy.

“A 5.3 percent rise in private sector investments in the third quarter, despite internal and external shocks caused by the Gezi incidents and the [tapering indications of the] U.S. Federal Reserve, indicates the private sector’s confidence in the market,” read the report.

Some 64 percent of the businessmen surveyed said they planned to make new investments, while around a quarter of said their investment level would remain unchanged in 2014.

However, the MÜSİAD report acknowledged that not everything was bright. “The dependency on intermediate goods and the direct relation of exports with imports remains a shackle on healthier growth,” it said.

Asked about how the recent fluctuations in currency rates affected their businesses, 59 percent of MÜSİAD members said they were adversely affected, while 12 percent said they benefited from the changes.