- Home
- Business
- News
- Turkish Business Body Calls for Macroeconomic Reform to Ensure Future Economic Growth
Turkish Business Body Calls For Macroeconomic Reform To Ensure Future Economic Growth
Fahad Shabbir (@FahadShabbir) Published July 12, 2019 | 10:31 PM
Turkey has to embark upon macroeconomic reforms in order to achieve economic growth in future, the head of the Turkish Industry and Business Association (TUSIAD), Simone Kaslowski, said on Friday
"We cannot be a country which is unable to make education, justice and taxation reforms at a time of rapid technologic transformation," Kaslowski told Anadolu Agency.
He explained that with Turkey's inflation rate now at 25 percent, 20 points above the target, the country heavily depended on exports and, consequently, on the volatility of foreign exchange rates.
"If Turkey provides a competitive, safe, and predictable business and investment environment, it can reach high growth rates and development levels, with its alternative tourism opportunities, agriculture, young, educated population, and entrepreneurial spirit," Kaslowski added.
In 2018, the World Economic Forum rated Turkey 16th among emerging economies in its annual Inclusive Development Index but placed it in the bottom quintile for high unemployment, which hit 45 percent that year.
In May, US President Donald Trump terminated the duty-free trade regime with Turkey under the Generalized System of Preferences, which for Ankara meant loosing preferential terms in one its largest export markets.
Related Topics
Recent Stories
Sindh home minister chairs law and order meeting
Bakht Kakar orders to ensure maximum facilities in livestock sector
NEPRA concludes hearing into FCA of DISCOs for March
Junta-led Burkina Faso suspends BBC, Voice of America for two weeks
Chairman COPHC lauds MoMA’s efforts at Gwadar Port, Free Zone
CM’s aide directs steps to prevent domestic violence against women
LESCO detects 74,621 power pilferers in 220 days
Regional Police officer (RPO) Shariq Kamal Siddiqui holds open court
LESCO collects over Rs 4.36m from 189 defaulters in 24 hours
Secretary health urges public to follow precautionary measures to avoid spreadin ..
PM directs formation of committee for consultation with provinces on carbon cred ..
UAF to ink MoU with Ethiopian universities
More Stories From Business
-
IP rights crucial in achieving SDG : Jam Kamal
35 minutes ago -
FBR’s data protection efforts commended by OECD assessment team
32 minutes ago -
US stocks rebound on tech earnings, London hits new record
1 hour ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
1 hour ago -
SBP to announce monetary policy on April 29
1 hour ago -
50pc cut in subsidy of BRT service likely: CM’s aide
2 hours ago
-
PSX gains 771 points
3 hours ago -
Pakistan, US hold 7th TIFA meeting to strengthen trade and investment ties
4 hours ago -
Meeting held to streamline trade between Pak-Afghan , Central Asian Republics
3 hours ago -
Coca-Cola invests an additional $22 million in Pakistan
4 hours ago -
SECP Introduces SECP-XS: A swift complaint resolution platform
4 hours ago -
SBP to announce monetary policy on April 29
3 hours ago