Turkey's economy experienced two totally different periods before and after 2002. If the pre-2002-period is remembered with economic crises, debts, and poverty, the post-2002-economic-period can be identified with success.
The power of the political tutelage before 2002, didn't only shape Turkey's economic administration, but also played around with social dynamics according to its will. During that period, there was a country that waited at the door of the IMF for funds, and wasn't even able to pay its debt interest.
As for the post-2002-period, we are talking about a period in which a specific group couldn't rule the country, as it desired. The end of this period was prepared with the political stability ensured through the public's support. Through political stability, the changeover in the public finance was realized and presented to the people.
The success of the public finance soon reflected on indicators. With the double-digit inflation rates dropping to single-digit inflation rates, the decline in public deficit and continuing economic growth assured macro stability.
One of the most significant steps taken are those taken to create equal opportunities for everyone in economy and for justice to prevail. In this manner, earning easy money, which was a pre-2002 habit for certain segments was eliminated. Pushing aside the “Islamic capital” label, a transparent market was created for all entrepreneurs and investors.
Equal opportunities were not only offered for technical zones, but in all economic zones. The real reason for economic success post-2002 is the fact that all barriers were lifted to pave the path of groups of the society, which then contributed to economic production. Because, before 2002 people were disassociated with each other, with lines, in terms of education, health and employment. And while absolute ideological obsessions disregarded equal opportunities, the country's economy would have to pay the consequence.
In the period between 1990-2002, Turkey went through two economic crises, one in 1994 and the other in 2001. In the 12 years between 2002-2014, Turkey only mildly felt the effects of the 2008 global crisis. Furthermore, despite the crisis affecting a vast area, Turkey managed the period well and displayed a performance that set an example for even the highly developed countries.
Primarily, the economic success story post-2002 has many headings to be considered. It isn't possible to explain all in this column. However, there is a reality that cannot be denied:
Turkey's economy before and after 2002 are as different as black and white. And it shouldn't be forgotten that, Nov. 1 will be a vote for not only the political future of the country, but also its economic future.
Well, what will the elector vote for in economy on November 1?
Will the elector vote for; being in the $3500 low-middle income group, or will they vote to shift from this group to the high income group in which their wage will increase threefold?
Will they vote for double-digit inflation rates or for single-digit inflation rates? A country that is unable to pay its debts or a country whose public debt is sustainable?
Will they vote for using their funds toward paying off interests, or to transfer funds toward investments? Will they vote for the fiscal deficit to break the investment, production and employment chains, or to support the continuity of this chain?
Will they vote for the low and middle income groups to take a decreasing share of production, or for income injustice to increase and continue?
Will they vote for 30.3 percent of the population to have a per capita expenditure of $4.3, or for policies that decrease this rate to 2.1 percent?
Will they vote for services like health, education, transportation and housing to be offered to a certain group alone, or for practices that offer everyone equal services?
Will they vote for a period in which health and education were in the dark ages, or for a period in which access to health was easy, a period in which schooling rates increased and every city had at least one university?
Will they vote for the poor to be despised, or for social aid to be considered a right?
Will they vote for an economic understanding that is identified with despair and lack of foresight, or for a period in which economic reforms help people ride out of storms and target a 2023 economy?
We can increase the number of questions. And the answers to these questions will determine the economic route of Turkey's economy.