TIM President Gültepe reacts to high interest rates: The country is sinking!

In an interview with Emre Eser from CNBC-e, TIM President Mustafa Gültepe evaluated the latest export figures and made statements regarding the economy. Stating that an increase is observed in many export sectors, Gültepe also noted that financial difficulties persist in some sectors.

“THERE ARE LABOR LOSSES IN PRODUCTION AND EMPLOYMENT”

Emphasizing that more difficulties may be experienced in the coming period in areas with high competition, Gültepe drew attention to employment in the high-interest environment and said the following:

“There is no chance for a country to increase its investment and employment with 50 percent interest. There are now labor losses on the production and employment side. Sectors such as ready-to-wear, construction, furniture, machinery, and automotive are facing difficulties regarding competitiveness.”

“THE COUNTRY IS SINKING”

Highlighting that the high course of interest rates negatively affects expectations in the business world, Gültepe said, “The country is sinking; a country has no chance of surviving with 50 percent interest,” and stated that necessary measures should be taken before 2025, adding the following expressions:

“Here, the Central Bank needs to take radical decisions and put different strategies into play. I think we need to find methods to bring inflation down through different ways.”

MINIMUM WAGE HIKE

As minimum wage hike negotiations approach, Gültepe stated that a raise rate should be determined by taking Turkey's current situation into account, saying, “I expect a rate that will both support people's livelihoods and strengthen our competitiveness.”

Regarding the problems of exporters for 2025, Mustafa Gültepe said, “Currently, the biggest problem in 2025 will be our attempt to maintain our strength in existing markets.”

News Source: 12punto