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‘We have twin open problems’

Speaking at the 1st Sarıyer Economy Congress, IYI Party Group Deputy Chairman Erhan Usta said that Turkey has a ‘twin deficit problem’ and said, “We did not experience both the budget and current account deficit at the same time, even in the years when the economy was stated to be much worse.”

The 1st Sarıyer Economy Congress, which was held for the first time this year in Istanbul by Sarıyer Municipality and the Association of Stock Exchange Professionals (BUD), started.

Speaking at the opening of the congress held at Boğaziçi Culture and Art Center, CHP Deputy Chairman Lale Karabıyık said that it is important to protect investors and to create policies that will increase domestic savings.

Stating that financial literacy has not reached a sufficient point in the country, Karabıyık said, “If financial literacy is present, it is not only for the stock market, capital market, financial market, but also citizens can read what those in power or a budget do in its simplest form, establish cause-effect relationships there, or use criteria that measure success. he can easily see himself, and then the perception management will disappear. For this reason, ensuring the financial literacy of a society is actually a political choice.” said.


Reminding the statements of CHP Chairman Kemal Kılıçdaroğlu regarding the capital market, Karabıyık said, “The most important part of the Turkish economy’s improvement is the right economic reform packages. It is not growth but inclusive growth, an economy in which equality of opportunity is ensured and prosperity, which we define as economic development, spreads, and the share of welfare is spread to all segments.” he said.

Noting that one of the biggest problems of the country is employment, Karabıyık also stated that no significant progress has been made on this issue so far.


Erhan Usta, Deputy Chairman of the IYI Party Group, said that it is not possible to think of capital markets or the financial sector independently of macroeconomics.

Stating that if there is no macroeconomic stability in a country, the capital markets in that country cannot develop in a healthy way, Usta said:

“Today, Turkey is governed by a government that has completed 20 years. When we look at Turkey 20 years later, we are experiencing serious economic problems, which were not so common in the past. For example, we have a twin open problem. Turkey did not experience both budget and current account deficits at the same time, even in years when its economy was said to be much worse. Therefore, a developing country like us that does not have such a reserve currency is not likely to handle a twin deficit.”

During the two-day congress, BUD Chairman of the Board Ali Aydemir, DEVA Party Founding Board Member Ömer Rıfat Gencal and Sarıyer Mayor Şükrü Genç made opening speeches. (AA)

Source From: Sozcu

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