British economist Ash: 2024 could be a really exciting year for Turkish economy

British economist and Bluebay Asset Management Emerging Markets Senior Strategist Timothy Ash stated that he expects positive developments in the Turkish economy and said, “2024 could be an exciting year for Turkiye.”

Ash answered the questions of the AA correspondent regarding the economic developments in Turkiye at the TRT World Forum 2023 held in Istanbul.

Touching on the fact that trust in Turkiye has been created abroad with the change in economic management, Ash stated that technology investments and demographic structure are promising for Turkiye.

Ash said that international investors want to return to Turkiye and that the lira will stabilize next year and the disinflation process will begin.

“We believe in this story”

Describing Turkiye as a production base, Ash said of the new economic management, “There has been no macro-financial stability recently. Now, we have seen comprehensive and convincing policies with the new economic policy team and its leaders, (Minister of Treasury and Finance) Mehmet Simsek and (Central Bank of the Republic of Turkiye President Hafize) Gaye Erkan. We believe this story. We still think it makes sense to invest here in terms of skills and production.”

Drawing attention to the size of the investments made in the field of unmanned aerial vehicles and military technology, Ash emphasized that Turkiye has made rapid progress against its competitors with the growth in electric vehicle production and tourism.

Ash said, “Turkiye has a young and dynamic population. Turks want technology. Look at the reaction to unmanned aerial vehicle technology and Teknofest, how many young Turks are there. There is a very good banking sector and a very good manufacturing sector. It’s actually in a good location. Turkiye produces and exports things.”

“The lira will begin to stabilize”

Ash stated that the disinflation process will begin in Turkiye and the lira will stabilize, adding, “We will see inflation decrease. The lira will begin to stabilize and I think this will bring the money back to Turkiye.”

Expressing that the international business world wants to invest in Turkiye again, Ash said about what may happen in the near future: “2024 can be a really exciting year for Turkiye. I am reading Turkiye’s international bank reports. Tens of billions of dollars have been made from tourism, which is great for growth. Good for employment. “It’s good for the current account, which fosters macro financial stability.”

“The West needs to be more balanced”

Ash, who also evaluated the rising tensions after Israel’s attack on Gaza, said that President Recep Tayyip Erdogan’s criticisms of Israel were “fair comments” even though they disturbed Western countries.

“The West needs to be more balanced in its approach to conflict.” Ash stated that a solution process including Turkiye is needed.

Source: AA / Prepared by Irem Yildiz

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