Turkish Business Body Calls For Macroeconomic Reform To Ensure Future Economic Growth

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

MOSCOW (UrduPoint News / Sputnik - 12th July, 2019) 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 after the employment rate fell to 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.