High Interest, Low Credit: Turkish Industry Faces Mounting Pressure

Turkish Exporters Assembly (TİM) President Mustafa Gültepe has voiced growing concern over the strain that current economic conditions are placing on the real sector. Gültepe warned that producers are unable to access credit due to soaring interest rates, causing industrial activity to slow dramatically. “The real sector cannot access loans. Industrialists trying to raise capital are being forced to sell their real estate, but there are no buyers,” he said, calling the situation a clear signal that “alarm bells are ringing.”

Burden of the Program Falls on Producers

Gültepe emphasized that the burden of the economic program implemented by the government is being carried almost entirely by the production and export sectors. While he acknowledged that the government’s efforts may be well-intentioned, he urged a broader perspective: “The effort might be right, but we need to recognize what we’re losing in the process. Inflation can only be reduced through production, not austerity,” he said, calling for production-driven economic policies.

Exporters Struggling Amid High Interest, Weak Currency

According to Dünya, Gültepe noted that exporters are among those hardest hit by the current economic strategy, citing rising interest rates and an undervalued currency as key challenges. “The only ones benefiting from this program are those profiting from interest, loan sharks, and buyers seeking cheap goods,” he criticized. He also highlighted a troubling increase in concordat applications and a sharp decline in Turkey’s global competitiveness, concluding with a firm appeal: “This program must be revised immediately — as early as tomorrow morning.”