Joint statement from TOBB, TESK, TÜSİAD and MÜSİAD

In the joint statement made by TOBB President M. Rifat Hisarcıklıoğlu, TESK President Bendevi Palandöken, TÜSİAD President Simone Kaslowski and MÜSİAD President Abdurrahman Kaan, it was emphasised that Türkiye's priority is price stability.

The joint statement is as follows:

 “As TOBB, TESK, TÜSİAD and MÜSİAD, representing Türkiye's merchants, industrialists and tradespeople, we believe that in the normalisation process following the COVID-19 pandemic, during which serious disruptions have been experienced in global supply chains, Türkiye's first priority for economic growth and employment is price stability. 

Unfortunately, every recovery that begins in the economy without price stability being achieved is short-lived and narrows the investment horizon of our business people. For this reason, we see price stability as a precondition for achieving the increase in prosperity that our country deserves. With the achievement of price stability, the investment environment in Türkiye will improve and predictability will increase, thus making it possible to attract new high value-added technology investments to our country. 

From this perspective, we are following very closely the new economic reform agenda launched under the leadership of our President Recep Tayyip Erdoğan and support the fight against inflation being the priority objective. We are of the opinion that a public-private sector consultation process would be extremely beneficial in the work carried out in coordination between the Ministry of Treasury and Finance and the Central Bank to combat inflation. 

This consultation process, by ensuring that all prices are formed within free market conditions, will contribute to the close monitoring of global and local price dynamics on a sectoral basis and to the identification of structural risks, cost dynamics and supply-demand imbalances seen in product groups, thereby supporting the data-driven policy design process. We believe that this consultation mechanism, to be established to raise awareness in the business world of the importance of combating inflation and the positive contribution of price stability to the medium-to-long-term growth and employment perspective, will be extremely beneficial. 

We know that, for us to be successful in combating inflation, all stakeholders must support the efforts of the Central Bank and the relevant public institutions, and we share with the public that we are ready to make every contribution for Türkiye to rapidly reach the price stability target it deserves in the post-COVID-19 global recovery period.”