Turkish Industrialists and Businessmen Association: We expect continued economic growth in 2021


Yasar Doan, Chairman of the Board of Directors of the Industrialists and Businessmen Association (TÜMSİAD), said that they expect the upward trend of economic growth to continue this year.

Dogan added that with the change in the global supply chain after controlling the epidemic, Turkey’s share of global demand will increase, which will have positive effects on its economy.

The Turkish economy was affected by the negative effects of the outbreak of the epidemic on the global economy as a whole, and the decline in consumption demand, which resulted in a decline in exports.

In statements to Anadolu Agency, Doan said that companies and small and medium enterprises constitute the largest part of the economy and industry in Turkey, “These institutions are the first to be affected by the turmoil that can occur in the economy.”

Turkey implemented an economic stimulus package to save small and micro companies in the Turkish market, during the months of the pandemic, which caused the private sector to lose large percentages of profits.

“Expectations for global economic growth have retreated and the volume of global trade has decreased in 2019 in light of the climate left by the trade war between the United States and China, but the Turkish economy has started to grow again as of the third quarter of 2019.”

With the emergence of a contraction in GDP, Turkey has taken steps to reduce the economic damage caused by the Corona virus, through the timely economic measures and the aid that it has implemented.

Doan indicated that the economy returned to growth in the third quarter of 2020, after contracting in the first and second quarters due to the repercussions of the virus.

“The export figures for the fourth quarter of 2020 were the highest export figures for a quarter of a year ever, and the industrial production index rose in two months by more than 10 percent.”

** Retail trade

Doan pointed out that in the post-epidemic phase, new prospects for the development of the Turkish economy will open up. He indicated that they expect continued growth in the Turkish economy during 2021:

“With the change in the global supply chain after controlling the epidemic, Turkey’s share of global demand will increase, which will have positive effects on the country’s economy.”

He added, “With the increase in digital transformation, we expect that Turkey’s share of the e-commerce market will also increase … We also expect an increase in the volume of foreign retail trade that begins with export.”

In the context, Dugan explained that small and medium-sized companies are the most affected by any disruptions that may occur to the economy, “Small and micro enterprises are the ones who suffer the most from economic crises.”

He added, “During the epidemic phase, the goal of the state’s aid was to minimize potential damage to the economy, and to support companies that suffer greatly from its effects.”

** Electronic trade

Doan said that small and medium-sized companies constitute the vast majority of the members of the Tomsiad Association, whose board of directors is chaired, adding that these companies have been severely affected by the economic repercussions of the epidemic.

He pointed out that since the beginning of the epidemic, they have made great efforts to develop strategies regarding the necessary steps to be taken and to provide recommendations to members and relevant institutions regarding the current stage.

Doan added that they began working 1.5 years ago on digital transformation and its impact on the economy, developing transformation strategies, and began providing training courses in e-commerce.


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