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Turkey’s economy must embrace its remaining key anchors

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For sure, Turkey has been at a historic turning point. Following a fairly tough year, which was full of bomb attacks, a coup attempt and a series of state of emergencies, a key referendum was held on April 16. These have all had an impact on the economy as well. The country has no choice other than to strengthen the few anchors which are left in its hands to maintain the economy.

Before proceeding into these economic details, let’s briefly turn our attention to the referendum results. Some 51.4 percent of the more than 58 million Turkish voters said “yes” to the charter amendment package, while the remaining 48.6 said “no.” A total of 13 big cities, including the largest three and accounting for more than 60 percent of Turkey’s GDP, said “no.”

The referendum results and the planned executive presidential system seem to have been discussed a lot. The key point for Turkey will be to reach a solution without deepening polarization across the country.
What the country needs most is the rise of the voice of moderation in a transparent environment.
A turbulent geopolitical environment, ongoing uncertainties and continuing large external financial need have all negatively affected the Turkish economy. The non-fulfilment of the required structural reforms has deepened the problems.

Back in the mid-2000s, it was a fact that the country had a number of key anchors to boost its economy. One of them was a robust EU accession agenda.

To be sure, many things have changed both on the Turkish side and in the EU side. The European Union has its structural issues right now in the wake of a crucial Brexit process and the rise of........

© Hürriyet Daily News