Turkey lacks strategic plan to achieve economic growth goal, top businessman says

Tuncay Özilhan, the owner of the Anadolu Group conglomerate and one of Turkey’s most influential businessmen, said Turkey lacks a strategic plan to achieve its economic growth goal, Sözcü daily reported on Thursday.

"Our strategic plans are missing. These should be focused. We can reach stability in Turkey with proper planning on production. Legal and justice systems are important for foreign investors. A reliable and predictable environment should be created for domestic and foreign investors," Özilhan said.

Turkey’s government has set an economic growth target of 5 percent for 2020 and is fuelling economic activity with cheap loans from state-run banks. 

But, Turkey’s economy was expected to grow by 2.8 percent this year, little more than half of the government’s target, according to a Reuters poll.

"It is necessary to prepare strategic plans with the projects to be formed jointly by non-governmental organisations for each sector in the upcoming period," Turkish businessman said.

The Turkish economy is recovering from a currency crisis in the summer of 2018 that ravaged economic activity and led to a surge in non-performing loans and bankruptcies. The government has sought to return the country to growth with tax cuts and cheap lending by state-run banks.