Top bosses paint a gray picture for the economy

A fresh report by TÜS?AD, a leadaing business group, points at current risks of the economy, which are not highlighted in many official reportsThe Turkish Industry and Business Association (TÜS?AD) has been the leading interlocutor of global economic players, although the association has lost some power during the Justice and Development Party (AKP) term. TÜS?AD is less powerful vis-à-vis governments, but at the end of the day, TÜS?AD is the umbrella association for Turkey's largest businesses. The association's economic diagnoses are therefore significant, especially for foreign businesses which make investments in Turkey. 

What does TÜS?AD think about the recent economic picture? The association has expressed its opinions in a report, the "Turkish Economy and World Economy at the Onset of 2016," which was released last week. 

The report has been much more objective, more reflective and more aware of the current risks in comparison to the official reports. 

Desperation in the world?

"Almost seven years have passed since the beginning of the global economic crisis, but the world economy is still far from overcoming the effects of the crisis. We couldn't do this as maybe we have not figured out what is really happening or we are unable to fix the problem if we know," said the report. 

Many central banks have injected huge amounts of money into the markets for the last seven years, creating liquidity. However, people have not spent enough, and companies have not used this money for loans either. Under normal conditions, such high liquidity was supposed to enliven consumer demand and hike prices. We have, however, not seen any rise in the inflation rate in any developed economies. The plunge in oil and other...