Turkey's top bosses warn of serious economic risks, urge maintenance of key institutions

Turkey's top bosses have warned of the serious economic risks facing the country, noting the urgent need for Turkey to strengthen key institutions and decrease political uncertainties. 

"[The measures taken so far] may lead to a short-term cure, but are not enough to save tomorrow," said Turkish Industry and Business Association's (TÜSİAD) high advisory board president, Tuncay Özilhan, on Jan. 12.

"The global funds, which enabled our country to grow in a rapid manner in the first half of the 2000s, have now veered back. In a bid to ease the economic problems, our economic administration has taken a series of measures," Özilhan said at a general board meeting of their organization, but noted that the measures were insufficient.

"It may now be possible to refloat the struggling companies in the short-term, but this cannot be sustained," he added. 

Özilhan noted that it is a must to maintain the rule of law, meritocracy, pluralism, justice, robust bureaucratic institutions, secularism, freedom of speech and economic stability in order to enhance economic recovery and attract foreign investment. 

"Uncertainties and political risks can thus be minimized, pushing down interest rates and inflation, making the Turkish Lira a valuable currency and increasing the investment inflow into our country," he added at the meeting in Istanbul, where the association elected a new president, Index Group CEO Erol Bilecik, to replace Cansen Başaran-Symes. 

Emphasis on secularism

Başaran-Symes also underlined the importance of the maintenance of a number of crucial institutions, including secularism, for the sake of an economic recovery and social peace. 

"It is not possible for Turkey to prevent...