Jul 10 2018

Turkish construction mogul Ağaoğlu foresees dark days for economy

Dark clouds are on the horizon for the Turkish economy, and no sector is likely to escape untouched, Turkish businessman Ali Ağaoğlu, whose construction empire has made him one of Turkey’s richest people, said during an interview on BloombergHT.

The construction sector, which has been a driving force for the economy throughout the ruling Justice and Development Party (AKP)’s reign, will also bear the brunt of the economic troubles, Cumhuriyet newspaper quoted Ağaoğlu as saying.

Turkey’s economy has been a source of great concern for citizens and economists alike, who have noted the country’s sliding currency, down over twenty percent since last year, large current account deficit, high debt levels and recent debt downgrades by ratings agencies including Moody’s and S&P Global Ratings.

The lira plunged again on Monday with Turkish President Recep Tayyip Erdoğan’s announcement of his cabinet, which placed his son-in-law, Berat Albayrak, in charge of the Ministry of the Treasury and Finance.

Ağaoğlu insisted that his company, Ağaoğlu Business Group, is in line to cope with any oncoming downturn, and said he “looked warmly” on strategic partnerships with foreign companies.