Aegean manufacturers discover “impoverishing growth”

Growth does not create employment

Ender Yorgancılar, President of the Aegean Region Chamber of Industry (EBSO), unveiled the 2020 “EBSO 100 Largest Industrial Organizations”  Report on Thursday.

Mr Yorgancılar, who introduced the Report with up-to-date evaluations at the press conference held for this purpose, said, “Unemployment has gone to 10.5 percent from 3.8 percent since 2010. Unfortunately, our way of growth and production does not create employment. ”  This is as pure an explanation of “impoverishing growth”, as real life examples can approach.  To recall, traditionally secular and pro-Europe,  most Aegean cities are now governed by CHP mayors, which is adding another reason to 18 years of neglect the AKP regime has bestowed on  the region to punish “the infidels” as inhabitants of Izmir and other coastal cities are affectionately called by AKP voters.

Expressing that the private sector fixed investments also decreased by 12.4 percent in 2019 compared to the previous year, Yorgancılar emphasized: “The companies try to maintain  production with their existing equipment. The bankruptcy protection measures amended in 2018 by the Grand Assembly (also called “concordat” in Europe) caused bottlenecks in receivable management and cash circulation. Exporters, on the other hand, came out of this crisis with the least damage due to the advantage arising from weakening exchange rates”

Yorgancılar, stressed that Turkey’s future lies in production and exports. He also reminded the audience that R&D still has a share of 35 per thousand in terms of turn-over. He stated that more progress needs be made for high value added production.

Will the Erdogan administration listen?

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Published By: Atilla Yeşilada

GlobalSource Partners’ Turkey Country Analyst Atilla Yesilada is the country’s leading political analyst and commentator. He is known throughout the finance and political science world for his thorough and outspoken coverage of Turkey’s political and financial developments. In addition to his extensive writing schedule, he is often called upon to provide his political expertise on major radio and television channels. Based in Istanbul, Atilla is co-founder of the information platform Istanbul Analytics and is one of GlobalSource’s local partners in Turkey. In addition to his consulting work and speaking engagements throughout the US, Europe and the Middle East, he writes regular columns for Turkey’s leading financial websites VATAN and and has contributed to the financial daily Referans and the liberal daily Radikal.