Business association leader: "Let's stop waking up to bad news"

The president of Turkey's most influential businessmen's group has called for an end to the country's state of emergency, claiming that a lack of democratic development is hurting the economy.

"Let's stop waking up to a rain of bad news," Erol Bilecik of TÜSİAD told Cumhuriyet newspaper in an interview Monday.

"We must take fast steps towards normalisation."

Bilecik added that foreign investors were also being put off by bureaucratic problems and a lack of structural reforms.

"We know that no economic gain can be permanent and sustainable without progress in democracy," he said.

When the present state of emergency was introduced following a failed coup attempt, AK Party spokesman Bekir Bozdağ had said that the government's aim was to end the measure within three months.

But on October 3, the cabinet announced that the measure would continue for a sixth three-month period.

There are other signs that being in a state of emergency may not be healthy for Turkey's economy: according to one U.N. report, foreign investment in the country fell 31 percent in 2016.