Turkish economy sees ‘intensive treatment results’ through monetary tightening: ISO

Chairman of the Istanbul Chamber of Industry (ISO), Erdal Bahcivan, reflected on Türkiye’s economic journey through the disinflation process initiated by monetary tightening.

Speaking during the ISO Assembly’s regular December meeting on Wednesday, Bahcivan summarized the year: “To put it in one sentence, we are witnessing the outcomes of the intensive treatment process we began in mid-2023, yet the traumas of the past period have not been fully overcome.”

Bahcivan pointed out that the disinflation process, which he identified as the country’s most fundamental challenge, has been slower than expected. He expressed confidence in the central bank’s commitment to avoiding risky and hasty measures.

“Structural reforms and stronger fiscal support are critical to overcoming inflation and ensuring long-term economic stability,” he emphasized.

The ISO chairman underlined the importance of stable economic policies and bolstering investor confidence to achieve sustainable growth.

However, he acknowledged that attracting foreign investment remains challenging because of global uncertainties.

‘Close watch’ on developments in Syria

Turning to regional issues, Bahcivan stated that they are closely monitoring the situation in Syria, including the regime change and subsequent developments.

“Every development in the Middle East impacts our country in some way, but the developments in Syria have a direct effect on Türkiye. Syria is our neighbor with the longest land borders, and the security of our southern borders is linked to stability in this country,” he said.

He expressed hope for the swift establishment of a stable political structure in Syria, ensuring that everyone living in the country feels secure.