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İzbaş - INFLATION IS THE HURTING PROBLEM OF THE BUSINESS WORLD

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16 January 2024

INFLATION IS THE HURTING PROBLEM OF THE BUSINESS WORLD

Izmir Free Zone Continuing Education Center (İZSEM) edited by “Turkish Economy Conference in 2024”, it was held with the participation of senior managers working in companies that continue their production in the region.

Izmir University of Economics Faculty of Business Administration Lecturer and BASİFED Chief Economist Prof. Dr. Coşkun Küçüközmen, Dokuz Eylül University Faculty of Economics and Administrative Sciences Faculty Prof. Dr. Yaşar Uysal and SOCAR Turkey Refinery and Petrochemical Business Unit Marketing Manager Dr. Mevlüt Çetinkaya At the conference, was the guest, the measures that the business world should take against the structural problems and risks in the Turkish economy were discussed.

“INFLATION IS THE HURTING PROBLEM”

Speaking at the opening of the conference, Izmir Free Zone (İZBAŞ) Chairman Eyüp Sevimli reminded that they are at the beginning of a year in which the political variable will maintain its influence on economic parameters, and stated that they wish this situation to change after the second half of the year.

Noting that high inflation is one of the most painful problems of the Turkish economy, Sevimli reminded that last year's inflation rate of 64.77 percent was the highest annual inflation of the last 22 years. Emphasizing that this situation harms pricing behavior and causes a serious loss of working capital in companies, Sevimli said, "Our companies are forced to pay taxes on the money they do not earn." said.

Sevimli added that in this environment where risks are more visible, they will continue to organize contribution conferences for İZBAŞ participating companies.

80-100 BILLION DOLLARS ARE REQUIRED TO PRESSURE THE FOREIGN EXCHANGE.”

Speaking at the conference, Dokuz Eylül University Faculty Member Prof. Dr. Yaşar Uysal stated that the foreign debt stock of the Turkish private sector and the public with a maturity of less than one year is at the level of 220 billion dollars, and made important findings and warnings.

Pointing out that the dollar exchange rate, which exceeds the level of 30 TL, has been suppressed for a long time. Uysal said, “It is possible that exchange rates will be taken under control until the elections. However, it is clear that there is a very serious foreign exchange supply/demand imbalance. It is impossible to control exchange rates for a longer period of time unless there is an external resource inflow of 80-100 billion dollars. Even though there may be partial breaks due to local elections, the economy may enter a 2-3 year period of slowdown and stagnation. The stock market is pregnant with very dangerous developments. The exchange rate targets in the Medium Term Program (MTP) will strengthen the exchange rate increase expectation. In this case, either the inflation target or the growth target of the MTP will not be met.” said.

Underlining that Turkey needs a new vision and economic policy design, Yaşar Uysal warned that growth opportunities based on foreign resource input were used more than necessary, and that there would be a decrease in the growth rate due to the rapid contraction in domestic demand and the slowdown in exports after the election.

“WE ARE AMONG THE COUNTRIES THAT WILL BE MOST AFFECTED BY SKDV”

At the Turkish Economy Conference in 2024, important warnings were made regarding the effects of the Border Carbon Adjustment Tax (SKDV) application, which will come into force as of January 1, 2026, on the sectors.

Stating that Turkey is among the countries that will be most affected by this application, SOCAR Turkey Refinery and Petrochemical Business Unit Marketing Manager Dr. Mevlüt Çetinkaya made important warnings.

Reminding that half of Turkey's annual exports of 255 billion dollars are made to EU countries, Çetinkaya said; pointed out that energy-intensive sectors such as iron and steel, cement, glass, refinery, petrochemicals, paper and aluminum should be in a serious preparation process, otherwise competitive structures will suffer great damage.

Mevlüt Çetinkaya added that Turkey can reduce the economic effects of VAT by implementing a local Emission Trading System (ETS), and that the implementation of a national ETS has a reducing effect on VAT costs in all scenarios and sectors.

“ARTIFICIAL INTELLIGENCE WILL BE MORE ON THE AGENDA OF COMPANIES”

Izmir University of Economics Lecturer Prof. Dr. Coşkun Küçüközmen also said that we have entered a period in which artificial intelligence applications will be more involved in the management processes of companies.

Küçüközmen gave examples about the rapidly developing artificial intelligence applications in the world and the effects of this process on businesses; underlined that companies that incorporate communication, teamwork, empathy and different voices are more successful in artificial intelligence.

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