The economy is collapsing; companies found the solution in cheating

The economy is collapsing; companies found the solution in cheating
The economy is collapsing; companies found the solution in cheating

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) shared the statistics of companies opened and closed in August with the public. Accordingly, the number of companies opened increased by 23.3 percent in the first 8 months of the year compared to the same period of the previous year, while the number of companies closed increased by 70.2 percent.

In August, compared to the same month of the previous year, the number of companies established increased by 38.5 percent, and the number of closed companies increased by 29 percent.

‘THE BUSINESS WORLD CAN’T SEE IT’

Evaluating TOBB data, Economist Uğur Civelek stated that the figures are not normal and show the crisis. Stating that the statistics of companies established and closed according to the growth rate of the country’s economy under normal conditions should be at most 2 times, Civelek made the following assessment:

“Inflation is permanent. There is a food, fertilizer, energy crisis. While the whole world is going to increase interest rates, our economic policy is doing the opposite. TOBB figures can be misleading. We also need to see the number of companies and the lifetime of companies. However, we can say this: The business world, which can’t see its way, is in search of a solution. There has also been a moral crisis for the last 5-6 years. Due to the crisis, there is corruption among the industrialists. If the end of the business is seen, the company assets are transferred to the newly established companies, the debts are left in the original company and the companies are sunk. In such periods, nylon companies increase.”

The article is in Turkish

Tags: economy collapsing companies solution cheating

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