Headline: "Target Holding's Chairman Gökalp: 'Inflation and Interest Rates Will Remain Relevant in 2025'"

Dr. Namık Kemal Gökalp, Chairman of Hedef Holding, shared his expectations for the Turkish and global economy for the year 2025. Gökalp emphasized that inflation and interest rate dynamics will continue to be the main determining factors in Turkey's markets, while Donald Trump's policies and the Federal Reserve's decisions will play a critical role on a global scale.

Regarding the Turkish economy, Gökalp noted that inflation is on a downward trend and that interest rates will be managed to enhance real returns. He stated that this supports the real appreciation of the Turkish lira and added, "The tendency of investors to resolve their foreign currency deposits continues. If confidence in the Turkish lira increases, a positive atmosphere may prevail in local markets."

Evaluating the developments in Borsa Istanbul, Gökalp recalled that in 2024 there has been a contraction in the stock market due to local investors shifting towards fixed-income instruments and foreign investors experiencing net outflows. Gökalp further stated, "The lifting of the short-selling ban and the reopening of swap channels could increase trading volumes and create momentum in the markets. However, 2025 will not be a year of broad rallies like 2021-2022 for the stock market; it will require a more selective investment approach."

Gökalp highlighted the effects of economic policies during a potential second Trump term on global markets. He noted that possible tariffs on international trade could increase inflation risks in the U.S., stating, "These developments could weaken the Fed's hand regarding interest rate cuts and slow the process." Additionally, signals from the Trump administration regarding potential increases in import tariffs on countries like Canada and Mexico are expected to cause price fluctuations in the iron and steel sector.

Offering advice to investors to diversify their portfolios against global risks, Gökalp remarked, "It is important to distribute risks through vehicles such as liquid fixed-income funds, arbitrage funds, and domestic and foreign equity funds. The year 2025 will be a year where diversified strategies will be prominent for investors." Gökalp's assessment sheds light on Turkey's macroeconomic dynamics and potential scenarios for global markets in 2025, providing an important roadmap for investors.