Turkey’s economic journey: policies, performance and prospects
Turkish Islamic Finance expert, Dr Mustafa Acar at the 10th International Islam and Liberty Conference (ILN) - Pic by SINAR NURUL ATIKAH SARJI
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This was revealed by Turkish Islamic Finance expert, Dr Mustafa Acar at the 10th International Islam and Liberty Conference (ILN) at the Concorde Hotel, Kuala Lumpur.
Mustafa said Turkey's economic strategy has two fundamental perspectives which were on advocating a free-market economy, where individuals, entrepreneurs, consumers, and producers wield significant influence in determining what to produce, how much, and for whom.
“Meanwhile, the second perspective leans towards a command system, with state planning organisations and government entities taking the lead in economic decision-making,” he elaborated.
Mustafa was discussing Turkey's economic landscape during the economic prosperity talk, along with other delegates, Dr Ayemn Boughanmi and Dr Mohamed Nouri from Tunisia, Dr Mustapha Radji from Algeria.
The session was chaired by Datuk Dr Rais Hussian, who is also the president and CEO of Emir Research.
Elaborating further, Mustafa said to fully comprehend Turkey's economic dynamics, it was essential to grasp the principles underpinning a free-market economy.
“These include the protection of private property, the encouragement of freedom of choice and entrepreneurship, the promotion of competition with free market access, and facilitating both domestic and international free trade,” he added.
Prior to this, by looking at the GDP Per Capita Growth, he added that Turkey has experienced periods of growth followed by stagnation in this indicator.
“On inflation, after decades of grappling with high inflation rates, the government, particularly during Erdogan's tenure, achieved notable success in stabilising prices, but challenges emerged in subsequent years.” he said
Speaking on Turkey's exchange rate, particularly the Turkish Lira against the US Dollar, he said the stability and purchasing power of the national currency plays a crucial role in determining the country's economic health.
