Jul 03 2018

Acemoğlu says no approach for Turkish economy post

Daron Acemoğlu, a renowned professor of economics at the Massachusetts Institute of Technology, denied reports that he would lead Turkey’s economy team following presidential elections on June 24.

Acemoğlu said he hadn’t been approached by President Recep Tayyip Erdoğan’s government.

“No one has got in touch,” he said in an interview with Cumhuriyet newspaper. “I think these are purely rumours.”

Acemoğlu said there is a risk of a hard landing for Turkey’s economy and the government isn’t taking the measures needed to prevent it. The hope is that Turkey can avoid such a scenario, which would likely include negative growth and bankruptcies in the construction sector, he said.

Turkey could benefit from a loan accord with the International Monetary Fund, Acemoğlu said. The country needs to think in the medium and long term, rather than prioritise short-term factors, he said.