Call for a new industrial policy from ready-to-wear sector representatives

Representatives of Turkey's ready-to-wear and textile sector emphasized that a new industrial policy must be formulated, stating that profits have been wiped out, employment has declined, and losses have been experienced in international markets due to the economic difficulties continuing for the past three years.

Challenges Experienced Over the Past Three Years

Experiencing the impact of economic policies through wiped-out profits, falling employment, and market losses, the ready-to-wear sector noted that the loss of blood continues and drew attention to the need for a new industrial policy.

Profitability Rates and Cost Pressure

Toygar Narbay, Co-President of the Turkish Clothing Manufacturers' Association, stated that Turkish industry has been caught in a major storm over the last three years, noting that profitability stood at minus 0.6 percent in textiles and 2.3 percent in ready-to-wear.

Impact of Financing Expenses

Toygar Narbay described the increase in financing costs as horrific, noting that these expenses eroded operating income by 130 percent in textiles and 86 percent in ready-to-wear.

Medium-Term Program Evaluation

Narbay stated that they would begin to catch their breath if the gap between financing costs and inflation is closed, conveying that according to the Medium-Term Program's exchange rate and inflation calculations, today's situation appears frozen until the year 2029.

Global Economy and Exchange Rate Policies

TÜSİAD Chief Economist Gizem Öztok Altınsaç, in her assessment of the global and Turkish economies, conveyed that a change in exchange rate policies is expected.

Future Expectations

Gizem Öztok Altınsaç stated that if inflation is not brought below 10 percent, the global economy will be challenging for Turkey, and that a clear economic transformation is taking place worldwide.