Economic warning from Koç: "I advise you to postpone non-essential spending"

Koç Holding recently held the 31st edition of its traditional Anatolian Meetings, which brings together Koç Group dealers, in Ankara. In his speech at the meeting, Ömer Koç shared his expectations regarding the Turkish economy.

Stating, "I advise you to be careful with your expenses and to postpone non-essential spending," Koç made the following remarks at the meeting:

"In 3 years, we will celebrate our 100th anniversary. For a century, we have created value for our country and grown alongside it. In every step we have taken, we have always preserved the spirit of liberation and foundation. Moving forward, we will continue to be defenders and servants of Republican values with unwavering faith. Together with you, by working even harder, we will continue to lead Turkey's economic growth and social development."

"IT WILL HAVE VERY DIRE CONSEQUENCES"

According to a report by HalkTv, Koç noted that as 2023 came to a close, the environment of conflict, particularly in the immediate region, was spreading, adding, "We are watching with astonishment and horror as Western governments remain silent in the face of this brutal massacre.

Thousands of innocent people are paying the price for this shameful indifference with their lives today. Unfortunately, this double standard of the West will have very dire consequences that will negatively affect us all in the future," he assessed.

Stating that while global geopolitical risks are rising, economic uncertainties have now become the norm in the business world, Koç noted that the world economy, which has been struggling with the global pandemic, the war in Ukraine, and the cost-of-living crisis since 2020, performed better than expected at the beginning of 2023.

STATEMENT ON SOFT LANDING

Koç stated that global inflation, which reached a 40-year high last year, declined in 2023, and that growth remaining at a reasonable level of around 3 percent meant that a "soft landing" had been achieved.

Koç also noted that they continue to remain cautious in their forecasts regarding the global economy.

Drawing attention to geopolitical risks, Ömer Koç said that economic uncertainties have now become the norm in the business world.