Turkish businesses welcome new economic measures

Turkish business representatives have welcomed a number of key measures announced by the government aimed at boosting the ailing economy and shoring up the Turkish Lira.

The government revealed extraordinary measures late on Dec. 8 to revive the Turkish economy, which has been hit by a historic plunge in the lira, vowing to make 2017 a "saving year" for the public sector, and introducing a big fund to accelerate the credit volume and create 600,000 new jobs. 

The measures were outlined by Prime Minister Binali Yıldırım that included cheaper funding for companies, easier loan restructuring for banks and a tighter lid on public spending, when announcing the results of the latest economic coordination board (EKK) meeting. 

Rifat Hisarcıklıoğlu, the head of the country's top business organization, the Chambers and Commodity Exchanges of Turkey (TOBB), said the measures were very encouraging and positive in terms of fostering investments, production, employment and exports.
 
"We have found the measures, which were revealed by Prime Minister Yıldırım and the government in a reforming approach to boost investments, production, employment and exports, very positive and promising," Hisarcıklıoğlu said in a statement on Dec. 9.

"It is of great significance for us to see the government easing access to financing in areas our businesses have faced difficulties the most, creating mechanisms in a bid to decrease labor costs, and making investment more attractive," he added.
 
Hisarcıklıoğlu also said the special emphasis on small- and medium-sized enterprises (SMEs) would especially make a positive contribution to economic growth, adding that with the new measures, the real sector would feel hope rather than uncertainties in the...