Decade after coup attempt, Turkish business groups hail economic resilience
People gather around tanks after soldiers involved in the coup attempt surrendered on the Bosporus Bridge, Istanbul, Türkiye, July 16, 2016. (IHA Photo)


Türkiye's economy has become more resilient over the decade since the July 15 failed coup attempt, leading business groups said on Tuesday.

They stressed that sustained investment, exports and industrial development have reinforced Türkiye's economic independence despite a series of global and regional shocks.

The statements were released ahead of the 10th anniversary of the failed coup in 2016, which business leaders said had targeted not only Türkiye's democratic institutions but also its economic stability and production capacity.

The coup attempt was carried out by a faction within the Turkish Armed Forces linked to the Gülenist Terror Group (FETÖ). The plotters opened fire on civilians and security personnel and bombed state institutions, killing over 250 people and wounding another 2,000.

It became a turning point in modern Türkiye's history.

Foreign Economic Relations Board (DEIK) Chair Nail Olpak said the Turkish private sector had maintained production, exports, employment and investment without interruption over the past decade, demonstrating that economic independence is an inseparable part of national sovereignty.

Olpak said per capita income had risen from about $10,900 in 2016 to roughly $18,000, while Türkiye's share of global exports had increased to 1.07%, despite geopolitical tensions and financial volatility in recent years.

"While deepening its integration with the global economy, our country has demonstrated its resilience and adaptability to the world despite the geopolitical and financial risks it has faced in recent years," he noted.

Türkiye Exporters Assembly (TIM) President Mustafa Gültepe said the treacherous coup attempt targeted not only democratic institutions but also the country's credibility in global markets.

Gültepe also said Turkish exporters had passed a "crucial test at that critical juncture," as they resumed operations immediately after the coup attempt, sending a message to international customers that production and trade were continuing uninterrupted.

"With nearly 160,000 exporters, we have never changed our course since then," Gültepe said, adding that Türkiye would continue expanding its global trade network and reinforcing its position as a reliable link in international supply chains.

Istanbul Chamber of Commerce (ITO) Chair Şekib Avdagiç said the business community recovered more quickly than expected after the coup attempt and subsequently withstood additional economic challenges.

He said Türkiye had climbed into the world's 16th-largest economy over the past decade, despite temporary disruptions following the failed coup.

Istanbul Chamber of Industry (ISO) President Erdal Bahçıvan said the events of July 15 demonstrated the country's commitment to democracy and national unity, adding that sustainable economic development depends on strong institutions, production capacity and social cohesion.

Independent Industrialists and Businessmen's Association (MÜSIAD) Chair Burhan Özdemir described the coup attempt as an attack on Türkiye's economic independence as well as its democratic order.

The market volatility, sharp fluctuations in exchange rates, selling pressure in financial markets and temporary slowdown in economic activity that followed resulted in significant costs, Özdemir noted.

"However, thanks to strong political leadership, effective economic management, and the resolute stance of the real sector, the Turkish economy managed to overcome this attack in a short time," he added.

Özdemir said the country has since strengthened its industrial base and export capacity despite successive global shocks.

He highlighted advances in strategic sectors including defense, energy, transportation and technology.

Özdemir described the development of Türkiye's defense industry as one of the clearest symbols of the country's post-2016 drive for greater strategic autonomy.

Orhan Aydın, the chair of the Anatolian Lions Businessmen Association (ASKON), said the coup attempt had sought to undermine both Türkiye's political and economic independence.

He also said it had had major negative implications on the economy.

"July 15 is the day when our nation proved to the entire world that its will prevails over foreign powers, centers of tutelage and all forms of treacherous uprisings," Aydın said.

"Just as it did on that dark night, Türkiye will continue on its path today with a spirit of national unity and solidarity, through production, employment, and faith, and will establish its economic independence even more firmly."