While falling oil prices are allowing Turkey to enjoy the benefit of lower energy consumption costs, uncertainty is causing concerns about the future effects on the global economy.
Speaking at a meeting with ambassadors from G20-member countries at the Turkish Chambers and Commodity Exchanges' (TOBB) Twin Towers, the chairman of the Union of the TOBB and B20 Turkey, Rıfat Hisarcıklıoğlu, underscored that crude oil prices have decreased by 50 percent despite the threat of apparent crises, and that what will happen afterwards is still uncertain. He also touched on how important and effective the G20 was during past global economic crises and added that there are currently problems in the global economy, which have never occurred before, such as the question of when the abundance of cash will end and monetary tightening will start.
"Our eyes are all on the Fed [U.S. Federal Reserve], but we don't know how such monetary tightening will effect developing and underdeveloped countries," Hisarcıklıoğlu said. As oil prices fell under $46 per barrel yesterday, Hisarcıklıoğlu emphasized that the issue of energy was an obscure area and what is more threatening is the global dependence on crude oil. He said that the increase in trade volumes is less than the growth rates in recent years, and that such issues all require global solutions that the G20 will help find.
Stressing that the G20 may be the only platform that can pass fast and effective decisions on issues that impact the global economy, Hisarcıklıoğlu said that the Turkish business world takes the presidency of the G20 extremely seriously and is aware that there is a chance that it will occur again in at least another 20 years ahead; therefore, it is trying to benefit as much as possible.