TOBB President Hisarcıklıoğlu: Rising Costs Negatively Impact Industry and Exports
The President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), M. Rifat Hisarcıklıoğlu, made evaluations regarding the growth figures of the Turkish economy. Hisarcıklıoğlu emphasized the negative impacts of increasing costs, particularly on industrial production and exports.
Turkey's economy contracted in the third quarter The Turkish economy recorded a 2.1% growth year-on-year in the third quarter of the year but experienced a contraction of 0.2% compared to the previous quarter. Hisarcıklıoğlu pointed out that a 2.2% shrinkage was observed in the industrial sector on an annual basis during this period.
Indicating that this contraction in industry is related to stagnation in the markets, Hisarcıklıoğlu stressed the importance of maintaining economic activity. He stated that production, investment, employment, and export capacity need to be preserved and highlighted the necessity of taking effective steps to prevent stagnation from becoming permanent.
Rising costs complicate the fight against inflation Hisarcıklıoğlu addressed the cost pressures on industrial production and exports, stating that this situation has negative repercussions on the national economy. He noted that the increase in production costs weakens competitiveness in the industry and reduces export volumes.
In this context, Hisarcıklıoğlu expressed that it is vital to maintain existing employment supports across all sectors and emphasized that careful measures should be taken to curb rising costs. He particularly underscored the need for additional support for labor-intensive sectors, suggesting that this would prevent production from moving abroad.
Access to finance for SMEs is crucial Hisarcıklıoğlu highlighted that SMEs facing difficulties in accessing finance should be supported. He stated that the survival of SMEs would significantly contribute to the sustainable growth of the economy.
In this regard, he noted that all decisions taken concerning the economy should pay attention to the sustainability of economic activities. He emphasized the importance of exercising utmost care to prevent damage to the global competitiveness of sectors.
Emphasis on collaboration between the public and private sectors Hisarcıklıoğlu stated that the public and private sectors must work in coordination to solve economic problems. He expressed that they should act in unity and shared intelligence to achieve a stronger performance in production and exports.
Reminding of the importance of joint efforts in effectively managing the existing economic conditions, Hisarcıklıoğlu suggested that cooperation between the public and private sectors should be increased for sustainable growth.