The Independent Industrialists' and Businessmen's Association (MUSIAD) held the "2023 Year Evaluation and 2024 Expectations" program with the participation of Mehmet Simsek, Minister of Treasury and Finance of the Republic of Türkiye. Speaking at the program, MUSIAD President Mahmut Asmalı said, "We believe that Türkiye economy will be one of the best growing countries in 2024 and will achieve a growth performance above the world average in the new century of our Republic."

The MUSIAD 2023 Year Evaluation and 2024 Expectations program was held in Ankara with the participation of Mehmet Şimşek, Minister of Treasury and Finance of the Republic of Turkey. At the meeting, which was also attended by MUSIAD Branch Presidents and Board Members, MUSIAD President Mahmut Asmalı stated that due to geopolitical developments and local reasons, MUSIAD could not reveal its economic potential in 2023, but they are hopeful for 2024.

"We will overcome the middle income trap in the second century of the Republic"

MUSIAD President Mahmut Asmalı pointed out that Turkey will show a clearer positive outlook in 2024 with the new economic management and OVP strategies and pointed out that Turkey will get rid of the middle income trap. President Mahmut Asmalı continued his speech as follows:

"While the global economy is going through one of the most challenging periods of recent years, Turkey's economy has also gone through an important year of testing. Having succeeded in becoming the 3rd highest growing country in the G20 with 5.6% in 2022, Turkey entered 2023 with this motivation.

Indeed, in January, exports increased by 10.3%, industrial production by 4.5%, retail sales by 33.9% and total turnover by 94.0% on an annual basis, while the unemployment rate fell to 9.7%. However, unfortunately, as a result of the two major earthquakes centered in Kahramanmaraş on February 6, our country faced the biggest disaster in its history; 11 provinces, whose share in GDP exceeded 10.0% and realized 8.6% of total exports, were shocked by the serious disruption of economic activity. Fortunately, during the earthquake, the state and our nation acted in a spirit of national solidarity and with an extraordinary effort to heal the wounds, enabling the reconstruction and reconstruction of our provinces to begin rapidly.

"We are hopeful for 2024"

At the end of his speech, President Asmalı stated that they are hopeful about the export and inflation rates in 2024. President Asmalı said, "The price stability to be established with inflation, which we estimate will start to retreat especially after the second half of the year, will support Turkey in achieving its long-term economic goals."

Asmalı continued his words as follows:

"Reaching historical record levels in exports and employment, the positive course of the non-energy current account balance and the continued increase in industrial production are proof of our country's strong macroeconomic infrastructure. Under the leadership of our President Mr. Recep Tayyip Erdoğan, our Minister of Treasury and Finance Mr. Mehmet Şimşek and all other stakeholders of the economic management, we are confident that the production, export and employment-oriented growth process will continue. We believe that Turkey's economy will be one of the best growing countries in 2024 and will achieve a growth performance above the world average in the new century of our Republic. On this occasion, we, as MUSIAD, would like to reiterate that we are ready, as we always have been, to put our hand under the stone to ensure that our country's claim of the "Century of Turkey" begins in a manner worthy of its name."

Speaking at the MÜSİAD 2023 Year Evaluation and 2024 Expectations program, Mehmet Şimşek, Minister of Treasury and Finance of the Republic of Turkey, said, "In 2024, we will evolve from a tighter monetary policy to a looser monetary policy. Economic growth in Turkey was strong in 2023. The gradual recovery in the EU will have a positive impact on export expectations."

"Turkey has an Important Window of Opportunity Ahead"

Minister of Treasury and Finance Mehmet Şimşek spoke at MÜSİAD's 2023 Evaluation and 2024 Expectations program in Ankara. Şimşek said, "When we look at 2024, growth will remain weak. Inflation will continue to decline. There will be more supportive financial conditions at the global level."

Stating that Turkey also has an important window of opportunity in front of it, Minister Şimşek continued his words as follows:

"Turkey's population is still relatively young and dynamic, so it has a 15-20 year window of opportunity. The total indebtedness rate, which is 333 percent in the world, is 117 percent in Turkey, so it is not a problem. By embracing the MTP, we are trying to figure out how to turn these conditions into opportunities for Turkey in a period when such challenging global conditions are the new normal. If we can realize the MTP with the support of all segments of society, there are great opportunities for Turkey. In the world, we will evolve from a tighter monetary policy to a looser monetary policy in 2024. Economic growth in Turkey was strong in 2023. The gradual recovery in the EU will have a positive impact on export expectations." 

In his speech, Minister Şimşek said, "2024 will be a year when we get the results of our program and make progress. Exports will recover in 2024. It is in line with the MTP, but there is a high inflation. In addition, monetary tightening is under the control of the CBRT. We anticipate that it will remain tight for a while. I should also state that we expect an increase in credit ratings," he added.

Minister Şimşek also made a detailed presentation in the program with the Presidents and members of MÜSİAD.

At the same time, MUSIAD shared with Minister Şimşek and the public the 2023 Evaluation and 2024 Expectations Survey conducted with its members.