Terror and the Turkish economy


We are in the last month of 2016. This year, humanity has witnessed a new war waged on Turkey. The July 15 coup attempt, organized by the Gülenist Terror Group (FETÖ), was the most strategic move in this post-conventional war.

All the terror acts that took place before July 15 foreshadowed the coup attempt, while those that took place after that date are the continuation of the coup attempt. Here, we must look at the main target of the July 15 coup attempt.

Meanwhile, the Turkish Statistical Institute (TurkStat) disclosed the growth data for the third quarter at the beginning of the week. This data was obtained as a result of TurkStat's method change on national accounts as part of revision studies in accordance with the European System of National and Regional Accounts (ESA 2010). In previous years, TurkStat based the calculation on growth data that rose with the new method. So, we obtained annual growth data lower than expected because of the base effect. Accordingly, forecasts for the gross domestic product (GDP) fell by 1.8 percent in the third quarter, compared to the same period last year, as a chain-linked volume index.

However, it is not important that we obtained relatively lower data on an annual basis depending on the method change. What is important here is the fact that Turkey will face both a qualitative and quantitative growth problem. Turkey needs to adopt a new inclusive growth perspective. The fall of growth and the economic shrinkage is a development that undoubtedly will have economic and political consequences. One of the main targets of the group that carried out the July 15 coup attempt, and of its external connections, is to paralyze the Turkish economy and push Turkey toward a new and self-enclosed colonialist economic program that is far from competition where markets do not function, regardless of whether the coup operationally succeeded or failed. However, Turkey is taking strong steps toward laying the foundations of an outward-oriented and globally competitive economy. Nowadays, FETÖ and its global supporters say that Turkey will pursue protectionism on foreign capital flows and restrict foreign currency accounts. These lies are at least as nefarious as the terror attacks that lead to mass murder. Those who do not want Turkey to be a democratic society and to have an open economy carry out these atrocious attacks.

In fact, this was one of the main objectives of all the massacres that were conducted in 2016, including the Beşiktaş terror attack and the Atatürk airport attack before July 15. In this regard, the July 15 coup attempt just failed in operational terms. However, its spirit and ideological attack still continues.

If you pay attention, those who initiated a crisis campaign through the rise of the foreign exchange rate got into a panic as the rate fell last week and they began producing unreasonably bad scenarios. They went as far as to nearly declare Turkey a new North Korea. After these scenarios were published in the so-called most respectable mainstream newspaper, we suffered the Beşiktaş terror attack.

Two days before the Beşiktaş terror attack, Saudi Commerce and Investment Minister Majed Bin Abdullah al-Kassabi spoke to Anadolu Agency. He compared the vision of its state-owned oil giant, Aramco, with Turkey's economic potential, saying Saudi Arabia could invest in Turkey's strategic sectors through Aramco. Al-Kassabi underlined that Aramco signed a memoranda of understanding with many Turkish companies during the World Energy Congress in Istanbul, stating that Saudi funds had a great appetite for investing in Turkey. Not only Saudi, but also European investors know the opportunities in the Turkish market and maintain their appetite for investments.

Moreover, despite the coup attempt, Turkey took major economic steps under President Recep Tayyip Erdoğan's leadership soon after July 15, such as the founding of the Sovereign Welfare Fund (SWF), a new financing model for small- and medium-sized enterprises (SMEs), new regulations on the banking system, the Credit Guarantee Fund's (KGF) increase of guarantee coverage for SMEs to TL 250 billion ($71 billion)as a result of the Economic Coordination Board's (EKK) latest decision, the definition of a base of TL 25 billion of this amount in the budget, and Eximbank and Central Bank of the Republic of Turkey's (CRBT) steps toward a new structuring that supports exporters and industrialists.

All these steps reveal the clues of a new growth model that includes market-friendly reforms and democratization and guarantees on all kinds of investments. Certainly, these steps were not an answer to the policy that "The rise of the dollar against the lira has brought a crisis." They went beyond, as Turkey began finding a new growth path that will set an example for the whole world amid the global crisis and changing the system in legal, political and economic aspects through a constitutional amendment. At this very point, the Beşiktaş terror attack, which can be considered to be the continuation of July 15, took place.

I think Turkey's voice of a new commercial and monetary union in its region on the highest level is one of the most important political and economic rises of the 21st century.

Especially with the 2008 crisis, Asian and Latin American countries, especially China, took steps for a new monetary and commercial system. Undoubtedly, however, this rise and leadership from Turkey are quite important as they politically bring all this together and pave the way for a new alternative. For instance, the 34-member China-led Asian Infrastructure Investment Bank and the Bolivarian Alliance for the Peoples of Our America, which was founded by Venezuela, Cuba, Nicaragua and Bolivia, are alternative formations. The rise of Turkey to create similar formations in its region is the main reason for the evil prevailing in 2016.