ATO/Baran: The Real Impact of Inflation-Fighting Efforts Confirmed by Growth Figures

Forex - The Chairman of the Ankara Chamber of Commerce (ATO), Gürsel Baran, stated that according to the Turkish Statistical Institute (TÜİK) data, the Turkish economy is set to grow by 2.1% year-on-year in the third quarter of 2024, while contracting by 0.2% compared to the previous quarter, and that industrial production has experienced a shrinkage of 2.2%. He emphasized, "The growth figures confirm what we feel in reality during the struggle against inflation. To ensure that this situation is temporary, we must not diminish our determination to continue production, trade, export, and employment. We cannot stop; we must continue on our path."

ATO President Baran evaluated the Gross Domestic Product (GDP) data announced by the Turkish Statistical Institute for the third quarter of 2024 in a written statement. In his statement, he said, "The rising phase of the Turkish economy was interrupted due to high inflation. The struggle against inflation, along with the monetary policy and measures implemented in this context, has led to a cooling of the economy. What we experience in real life is confirmed by the growth figures. There is no need to despair by thinking that we have entered a recession. We are witnessing difficulties at the global level as well as among developed countries. We need to lay out the reality as clearly as possible and consider how to turn this picture towards progress. Measures that support production and employment should be prioritized, and assistance targeted at certain sectors should be implemented. Especially considering our SMEs' difficulties in accessing finance, additional measures and supports should be brought to the agenda. Turkey is a large economy. To ensure that what we are experiencing is a temporary situation, we must not diminish our determination to continue production, trade, export, and employment. We cannot stop; we must continue on our path."