TÜSİAD President Warned About Inflation: Single Digits Are Essential for Stability!

Turkish Industrialists and Businessmen Association (TÜSİAD) President Orhan Turan emphasized that sustainable macroeconomic stability cannot be achieved without reducing the inflation rate to single digits.

In his speech at the recent 17th Competition Congress, Turan drew attention to the challenges of the inflation-fighting process, stating that high financing costs and demand contraction faced by industrialists over the past two years threaten economic stability.

Stating that similar problems are experienced in non-agricultural sectors, Turan highlighted that the pressures on production and costs negatively affect the capital cycle. He argued that if low inflation cannot be achieved, companies' investment decisions would also shift negatively, resulting in slower economic growth.

Increasing uncertainties in financial markets make it difficult for industrialists to achieve their sustainable growth targets. Orhan Turan pointed out that, alongside their efforts to cope with constantly rising costs, the contraction in domestic market demand is also influential in this process. He underlined that strong steps need to be taken for economic stability.

Turan noted that macroeconomic policies play a decisive role in this process and emphasized the importance of the flexibility of government policies and consideration of market conditions. He stated that they have observed the negative effects of high inflation rates on consumer confidence and spending, stressing the need to seek ways to overcome this.

In addition, Turan expressed the necessity of promptly implementing the reforms required for financial stability and emphasized that all stakeholders should come together to minimize the effects of the crisis through collaboration. In this context, the development of industrial policies and the enhancement of innovation efforts should become a strategic priority.

In summary, TÜSİAD President Orhan Turan states that broad cooperation and policy formation are necessary for reducing inflation to single-digit levels and achieving lasting economic stability. Overall, it is emphasized that all sectors must fulfill their responsibilities for a sustainable economic structure.