Turkish business world highlights importance of price stability in post-pandemic era

Turkey’s leading business associations and unions on Tuesday called on the government to urgently take necessary steps to ensure price stability to lure foreign investment in the post-pandemic era.

“Every economic recovery without price stability would be short of duration and narrow the investment horizons of our business people,” said the chairmen of four organizations, including the Turkish Industry and Business Association (TUSIAD), in a joint declaration.

They stressed that price stability would heal the wounds of the country’s investment environment, increase predictability, and attract new technology investments with high added value.

“For this reason, we consider price stability as a precondition to secure the increase of prosperity of our country,” the declaration added.

The associations also emphasized that a launch of a consultation process between public and private sectors would be extremely beneficial.

“This process will contribute to closely monitoring global and local price dynamics on a sectoral basis and identifying structural risks,” they continued, urging the government to establish such a mechanism to sustain long-term growth.

The chairmen of the Independent Industrialists and Businessmen’s Association, the Union of Chambers and Commodity Exchanges of Turkey, and the Confederation of Turkish Tradesmen and Craftsmen also signed the declaration.