Wealthiest capitalists' organisations announce support to Turkish government

While Turkey's two big capitalist organisations noted the financial problems of Turkey to be solved 'in solidarity with the society', the economic measures taken affirm that the burden of the crisis will be laid on the shoulders of the working class
Tuesday, 14 August 2018 22:04

Turkey's Industry and Business Association, TÜSİAD, wealthiest capitalist organisations in the country, and Turkey's Union of Chambers and Commodity Exchanges, TOBB, released a statement on the economic situation of Turkey on August 14.

TOBB and TÜSİAD highlighted their "unwavering support" to the government in their statement, saying "the financial difficulties we face will be solved in solidarity with the society."

"The foundations of Turkey's economic are solid and the preservation of the production and employment capacity of the real sector throughout this period is of great importance", added the statement.

Noting that Turkey is in a vulnerable period both because of the global developments and the internal dynamics, the statement listed some steps to be taken so that these developments will not have a permanent effect on the real economy. One of these steps is mentioned as a firmer monetary policy that needs to be declared by Turkey's central bank so that the exchange rate is stabilised. A fiscal policy that includes savings measures should also be announced, and a concrete course of action should be prepared soon to permanently decrease the inflation, said the statement. The relations with the EU as Turkey's most important economic partner should be taken to a positive level again, and efforts to solve the ongoing problems of the US and Turkey should be continued steadily and through diplomacy, added the statement.


A firmer monetary policy and fiscal policy that includes savings measures mentioned in the statement show that the burden of the economic crisis will be laid on the shoulders of Turkey's working class. The wages will be lowered following high-interest rates and exchange rates, and public spending on services mainly like education and health will be decreased. Recent news throughout the last week show that capitalist groups have started to take measures like decreasing production and increasing mass dismissals and unpaid leaves to keep their profits. This news especially comes from the metal and textile sectors in Turkey.