Union of Chambers and Commodity Exchanges of Turkey

“If you don’t know the past, you can’t comment on the future,” said Hisarcıklıoğlu and began by commenting on 2015 economic data.

Reporting that Turkey grew by 4% in 2015, Hisarcıklıoğlu, “The global average was 3.1%. Developing economies grew by 4%. Excepting China and India, developing economies grew by 4.7%. Our growth was good.”

Talking about the sectors which contributed most to growth, the TOBB President said, “The finance sector grew the most, followed in order by agriculture and tourism. Education also grew. The rest, unfortunately, were below average. The most saddening for me as an entrepreneur is that industry was stuck at 3.8%. The industry is crucial for the future.”

Touching on growth quality as well, Hisarcıklıoğlu reported that domestic consumption’s contribution to growth has been 3.7% and that in order to truly increase the quality of growth, it is imperative that it begins with investments.

Looking at yearly performances, Hisarcıklıoğlu reported that the 2003-2007 period was the brightest period in Turkey’s history, “We’ve not seen such success at any other time. We achieved approximately 7% growth. However, we are growing below our usual rates since then.

We’ve started to talk big. Per capita income has passed 10,000 USD. This was a first in our history. We are proud of it. However, the figure dropped below 10,000 USD again in 2015. Our goal is to reach 25,000 YSD per capita income. If we achieve this, we will become one of the 10 largest economies of the world. That is when we will have a say in global affairs.”

Hisarcıklıoğlu emphasized that despite all difficulties, the Turkish private sector managed to provide jobs to 611,000 new employees in 2015 while many were laid off in the west.

Stating that the 30% increase of the minimum wage is having an adverse effect on bringing the economy completely on the record, Hisarcıklıoğlu reported that Turkey has one of the three highest minimum wages in the world.

Hisarcıklıoğlu reported that the current deficit’s ratio to national income is 1.2%, a total of 32 billion USD, and said, “Every time we have a deficit, we need to borrow money to offset it. If you are in debt, you are in the command of others.”