Union of Chambers and Commodity Exchanges of Turkey

“In 2020 hope, instead of uncertainty, will prevail”

21.12.2019 / Ankara

Union of Chambers and Commodity Exchanges of Turkey (TOBB) President M. Rifat Hisarcıklıoğlu, reporting that the country's economy is expected to grow by 4-5% in the last quarter of the year, said “As the Turkish business world, we aim to grow our country by 5% in 2020. Next year, hopefully for the real sector, instead of uncertainty, hope will prevail.”​

Hisarcıklıoğlu, evaluating 2019, spoke in regards to the business world's expectations for 2020.

Stating that 2019 was a difficult year for Turkey, Hisarcıklıoğlu said that at a time when the world economy is slowing, when one of the lowest global growths in the last 10 years has been recorded, many difficulties have been overcome in the economy.

Hisarcıklıoğlu, reminding that Turkey, at a time when its surrounding region is in turmoil, has opened its gates to 4 million refugees, all the while conducting a successful campaign against terrorist organizations.

In spite of all these developments, Turkey's economy continues to grow and strengthen, Hisarcıklıoğlu said: “Despite all the difficulties we've had, we're closing 2019 with growth. We expect growth in the last quarter of the year to be 4-5%. As the Turkish business community, we aim to grow our country by 5% in 2020. Each new calendar year comes with the prospect of a new beginning. As the real sector enters a new year, we see the recovery in the economy promising for the future. Next year, hopefully for the real sector, instead of uncertainty, hope will prevail.”

- “We have achieved a historic success”

Pointing out that many issues shared with the government as TOBB have been implemented in order to solve the problems of producers, Hisarcıklıoğlu said that they have achieved a historic success as a result of their extensive efforts to coordinate the private sector in order to improve the business and investment environment.

Hisarcıklıoğlu reported that Turkey has risen to 33rd place from 60th among 190 countries on the Ease of Doing Business Index, the best level in history in this regard.

Hisarciklıoğlu stated that the policy of lowering interest rates initiated by President Recep Tayyip Erdoğan is positive and uplifting with the measures and supports announced by the government in an executive and reformist manner, “In this context, we consider it extremely important to facilitate access to finance, reduce employment costs and remove obstacles to investments. We would like to thank our government for showing that it is on the side of the real sector in these difficult times.”

- “Investing in Turkey will always win”

Noting that important duties and responsibilities have fallen not only to politicians but to households, to entrepreneurs and professional organizations in the process of growing Turkey, Hisarcıklıoğlu said that the peace and stability of the country must be preserved and then the economic management should continue reforms.

Hisarciklıoğlu pointed out that it is important for the private sector to focus on production, employment, investment, exports and opportunities in order to move forward with cautious and decisive steps to the next year, and said, "As the chamber and commodity exchange community, which deeply believes in the strength of our country and the dynamism of our private sector. We will continue to work harder and produce every responsibility so that all the steps taken are reflected positively on the economy. Turkey is a great country which can overcome any obstacle. Our country has successful passed another stress test in the economy. The main thing here is that we maintain unity and solidarity and remember our brotherhood. We're strong together. There's a saying that we've always had, and we say, ‘Grace and prosperity in unity; anguish in dissent.' We will maintain our unity and walk together confidently towards a brighter tomorrow. Those who invest in Turkey will never lose and will always win.”

Hisarcıklıoğlu, referring to expectations for the global economy, "The interest rates are expected to not increase or even decrease as a result of U.S. elections. Uncertainty about Brexit has subsided. The possibility of reconciliation in the U.S.-China trade wars has strengthened. All this is in favor of developing countries such as Turkey. Therefore, a new window of opportunity can be opened for the world economy.”

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