Turkish economy cannot be designed with a coup attempt - ERDAL TANAS KARAGÖL

Turkish economy cannot be designed with a coup attempt

Ignoring the national will, the Gülenist Terror Organization (FETÖ) that tried to stage a coup, targeted the political dynamics of this country. If the coup had been successful, FETÖ would have caused an economic chaos. But the “national will” that is mostly underestimated and despised protected democracy, civilian politics, economy namely the future of Turkey.

Thank God the coup attempt staged by FETÖ failed. Even if in the beginning there has been a rise in the dollar-TL parity, the chaotic environment that the terrorist organization was expecting in economy did not occur.


Of course, behind the limited effect of the coup attempt on the economy, the effect of the strong macroeconomic indicators in the Turkish economy and the strong stance in public finance initially in the recent years is big.

Here it is an important factor that the share of the public debt within the budget deficit and Gross Domestic Product is minor and the current account deficit known as vulnerability in the economy has a sustainable continuity.

A little reminder to those who underestimate the success of the Turkish economy: In the last one year, look only in one year in Turkey there have been two elections, terror attacks by terrorist organizations like the Kurdistan Workers' Party (PKK) and Daesh and one coup attempt. Despite all this, the economy is continuing on its course.

What to do now is to strengthen the durability of the Turkish economy and rapidly annihilate the perception that the ones expecting the coup wanted in the economy.

We can say that in the short term the effects of the shocks that the coup attempt caused can be reduced by time.

Just like the rise and fall of the dollar. The Deputy Prime Minister for Economy Mehmet Şimşek guarantees in his statement that the possible negative reflections of the coup attempt will be minimized.

But, let's not forget that those who wanted to cause a dark night in Turkish politics, at the same time want to drag the economy into their own darkness. That is why despite the coup attempt, Turkish economy needs to continue with the reforms in order to reach its goals.

This is the biggest responsibility toward the national will who supported democracy and thus risked their lives.

The 25-base point fall by the Central Bank on Tuesday on the upper band of the interest corridor shows that this responsibility has been attached importance by economic institutions.

The Central Bank's decision to decrease the interest rate, gives the signal of normalization in the markets and the simplification that was planned before will continue.

Actually with the interest decision the Central Bank gave this message against the coup attempt: You cannot design the indicators of the Turkish economy with the coup attempt.


Of course while the Central Bank has been talking all measures, in 2012 since the day Turkey has been rated as investable, the credit rating agencies which were ambushing to rate Turkey bad bought the coup attempt immediately. Despite all the measures taken, the strong stance of the economy and the lowest current account deficit and budget deficit, among the credit rating agencies Moody's has been threatening Turkey with downgrading and even with the trash level.

It is not possible to expect credit rating agencies like Moody's to rate objectively in the face of this attitude.

Remaining silent after the recoveries in the economy, with the rating threatening statement Moody's explicitly expressed, it has been adding a new one to its unfair attitude.

As Turkey has been undergoing extraordinary conditions such as a coup attempt, Moody's does not hesitate to behave opportunistically and show its Turkey allergies at such a time.

But similar to the planners of the coup attempt, Moody's has been forgetting that the real determining player of the process is the national will.

Just like the nation did not remain silent against the coup attempt, showed their reaction, did not submit to fear, supported the political will, they will also support the national economy.



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