Turkey enters reformation era: top business body

By Eda Fatma Topcu

ISTANBUL (AA) - Turkey has entered a sensitive period for social reconciliation and economic reform following the election, chairman of the Turkish Industry and Business Association (TUSIAD) said on Wednesday.

Speaking at the 40 Turkish young CEOs ceremony organized by the Ekonomist, Erol Bilecik said the Turkish business world and economy has been supported by the youth.

He highlighted that the Turkish economy has been growing steadily for the last nine years since the 2009 crisis, generating employment especially in the service sector, which also brought significant financial risks along.

Noting that inflation reached an "extremely critical" point at 15.4 percent, Bilecik added: "If this increase is not controlled, the reduction of long-term borrowing costs in Turkey will not be possible. Also it might cause permanent deterioration in the long-term investment and savings behavior."

He said high inflation was the primary obstacle to prolonging the terms and the reduction of funding costs.

Bilecik told that the exchange rate exposure affected the private sector.

"The more we improve our external relations, the more we pave the way for our business activities."

He said TUSIAD's proposed program was ensuring financial stability, achieving structural transformation in the economy through structural reforms, and improving global relations.

Bilecik added that Turkey's modern development story could be written through digital transformation of the industry.