Daron Acemoğlu warns Turkey: 'Time is running out'

Speaking at a summit organized by the Turkish Institutional Investment Managers' Association, Prof. Dr. Daron Acemoğlu stated that the setbacks in the country's democratization process have had negative repercussions on the economy. Touching upon the importance of the rule of law and strong institutions for the country's future, Acemoğlu noted that reforms must be accelerated for Turkey to realize its potential.

THE IMPORTANCE OF INSTITUTIONAL REFORMS 

Prof. Dr. Acemoğlu emphasized that the success Turkey achieved in institutional reforms and economic growth between 2000 and 2007 began to decline after 2008. Stating that progress in the areas of the rule of law, government effectiveness, and the fight against corruption has stalled, Acemoğlu said, "Turkey's democracy and legal system are the guarantors of economic development. However, weaknesses in this area create serious problems not only economically but also socially."

STEPS MUST BE TAKEN RAPIDLY TO COMBAT SOCIAL INEQUALITIES 

Stating that the rule of law and strong institutions play a critical role not only in overseeing economic investments but also in ensuring social consensus and peace, Acemoğlu said that Turkey must focus rapidly on institutional reforms to maintain its dynamic potential.

Acemoğlu noted that with Turkey's young population beginning to age rapidly, the next 10-20 years are a critical period for reforms to be realized. Expressing that Turkey must act quickly, Acemoğlu said, "This process will be decisive for the country's future. Reforms will eliminate not only economic development issues but also social inequalities."

News Source: 12punto