Özgür Demirtaş shares insights on inflation, exchange rates, and minimum wage: He listed what needs to be done

Sabancı University Finance Chair Prof. Dr. Özgür Demirtaş commented on the economic path Turkey is following, stating that "it is unbearable," and listed his recommendations.

Outlining what Turkey is attempting to do in five points, Prof. Dr. Demirtaş assessed, "Suppressing wages in this manner leads to the destruction of minimum wage earners. Disasters will emerge in the repayment of bank loans."

'MAKING TURKEY MORE EXPENSIVE THAN GREECE...'

Listing the steps Turkey needs to take, Özgür Demirtaş made the following prediction regarding the scenario that would emerge if the actions he outlined in six points are not implemented:

"The public will revolt against this plan, and the plan will be torn in two before it even works."

"We must move away from the dollar and reduce the pressure on the minimum wage"

Prof. Dr. Özgür Demirtaş's social media post is as follows:

"What Turkey is Trying to Do and What It Needs to Do:

What It Is Trying to Do:

1) Suppressing the Dollar/TL exchange rate thoroughly,

2) Suppressing wages thoroughly,

3) Suffocating exporters and tourism professionals thoroughly,

4) Making Turkey more expensive than Greece, Italy, and Spain,

5) Trying to lower inflation immediately...

No one can withstand this....

Suppressing wages in this manner leads to the destruction of minimum wage earners. Disasters will emerge in the repayment of bank loans.

DOLLAR, MINIMUM WAGE, INFLATION, INTEREST RATES...

What needs to be done:

1) Quickly let the Dollar/TL exchange rate reach 38

2) Ease the pressure on the minimum wage slightly

3) Reduce the pressure on exports and tourism

4) Stop Turkey from being expensive, even if it doesn't become very cheap

5) Spread the inflation target out to 2026

6) Cut interest rates, even if only symbolically, in November-December

Otherwise, the public will revolt against this plan, and the plan will fall apart before it can work.

'FULL LIBERALIZATION OF FOREIGN EXCHANGE'

Also, What Needs to Be Done:

1) Fully opening swap markets

2) Fully liberalizing foreign exchange

3) Ceasing to be a country behind a semi-iron curtain

4) Implementing structural reforms that have never been carried out"