Prof Daron Acemoglu: Little hope for economic stability, no hope for the future

Massachusetts Institute of Technology (MIT) faculty member, economist Prof. Dr. Daron Acemoğlu claims “Freedoms are being restricted. Turkey’s future is very bleak,  with the brightest young people beginning to go abroad. “If a few people leave, there is no problem, but when the number is this high, it will lead to a collapse in development and Turkey is on the verge of this.”

Speaking to Özlem Yüzak of dissident daily Cumhuriyet, Prof. Dr. Acemoglu evaluated the course of the Turkish economy and current developments.


Acemoglu commented on the economic program carried out under the management of Treasury and Finance Minister Mehmet Şimşek as follows:

“Frankly, I do not see any significant developments. Like everyone else, I want to be hopeful, but I still don’t have much hope inside me. It is already very difficult to reduce inflation once it reaches the current level. Also, there is no such thing as just reducing inflation and hoping that alone will  improve economic performance. Turkey has much deeper problems… As I just mentioned, it is a system problem. Turkey now has a very small window left in front of it to develop, but it looks like we will miss the train.


Sustainable economic development cannot be done by simply increasing interest rates and bringing funds from one or two banks abroad.

Türkiye does not use technology correctly.  First of all, it is far behind in terms of fixed capital  investment/GDP ratio. Most of the investments go to the construction sector, but worse, there are no qualified personnel. Those with less than high school education have difficulty using technology. Once again, it comes down to making the right choices to incentivize people. If there was technology available, even the less-educated  would use it.  There are AI  technologies that gardeners, workers and electricians can use.

In addition, since  the young generation perceives Turkey’s future as very dark due to the restriction of freedom by politicians, the brightest young people began to go abroad. If a few people leave, there is no problem, but when the number is this high, it will lead to a collapse and Turkey is on the verge of this…”


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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.