New York-based US independent investment bank Jefferies LLC has published an important report on companies in Turkey. In the corporate report dated August 10, it was emphasized that companies in Turkey resisted the economic turmoil well and were in a very good position to manage the shocks, despite the negative expectations in the markets, high inflation, the change in the strategies in the interest policy and decreasing reserves. In the report, “Despite the rising energy costs in the world and the dollar getting stronger in line with the interest policies, Turkey’s share Since the beginning of 2022, the stock market has dominated the stock markets of developing countries in a similar situation to Turkey. dollar basis” drew attention.
‘THEY PROVED THEIRSELF’
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Jefferies LLC strategists, including one of the well-known US strategists, Sean Darby, also predicted that a new ‘currency stress test’ might be experienced in Turkey in the near future. Strategists, however, Turkish He said they think their companies have proven that they have the capacity to “both adapt and survive” shocks. Strategist Darby emphasized that the flat course of Turkish stocks in dollar terms in the last five years surprised strategists, including himself, who expected the economy to go into a balance of payments crisis.
‘WE CAN OVERCOME ANY CRISIS’
Çetin Tecdecioğlu, the Deputy Chairman of the Turkish Exporters’ Association (TİM) and the Chairman of the Board of the Istanbul Ferrous and Non-Ferrous Metals Exporters’ Association (IDDMIB), whose views we received on the subject, said, “As Turkey is a developing country, it has survived very serious crises on a recent scale. The flexibility of our companies is very strong. The decision-making mechanism is developing very rapidly. In other words, Turkish companies can actually shrink very quickly and grow very quickly. This is actually a feature that is found in very few countries in the world. The most critical factor in all of this is financing. If companies in Turkey are provided with access to finance and the state helps at this point, they will survive in every way. In this context, I believe that the Turkish economy can come out of every crisis by growing.”
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‘ACCESS TO FINANCE IS IMPORTANT’
Stating that there is a recession agenda ahead of the world TODAY, TİM Deputy Chairman Çetin Tecdecioğlu said, “While the bells of recession are ringing in the world, we will most likely shrink our capacity and survive the next year as an unprofitable period. Companies and industrialists in Turkey are prepared and able to survive this period as well. As long as he can easily access finance, as we often emphasize,” he said.
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