Turkish industrialists back new economic model

By Azernews

By News Center

Turkey’s Independent Industrialists' and Businessmen's Association (MUSIAD) has published a statement supporting the government's new economic model, Yeni Shafak newspaper has reported. 

In a statement on the latest economic developments published on its Twitter page, the association reiterated its support for the low interest-oriented policy that is believed to increase the country’s production, investment, export and employment-oriented gains.

"The Turkish economy cannot be evaluated only by reducing it to the exchange rate. We have full confidence that our economy, which has achieved annual growth of 5.3 percent for the past 20 years without compromising the free market conditions, will overcome this process," the statement said.

The association underlined that modern economies need social capital as much as material capital and the main source of social capital is the factor of trust.

The association expressed deep regret that an artificial insecurity environment is being created in Turkey that doesn’t rely on macroeconomic foundations.

"As MUSIAD, we are against all kinds of economic climates that are guided by perceptions, not real economic indicators," the statement said.

It was stressed that the Turkish economy had grown by 11.7 percent in the first three quarters of 2021, exports had exceeded $220 billion in the past 12 months, and the country had had a current account surplus for the past 3 months.

It was added that the Turkish economy stands firm today, as in the past, against both internal and external manipulations.