Economic situation bleak for Türkiye
According to a survey conducted by the Istanbul Chamber of Industry (ISO) confidence in Türkiye's' battered economy among industrialists has reached a new low. The survey was administered to ISO's 980 members, asking about their businesses and their opinion on the state of the economy.
The figures show that industry is running at only 43.5% capacity, and 73% of respondents reported themselves to be experiencing financial hardship.
A majority of 62.5% reported a decrease in productivity in the first half of 2001, compared with 33.8% in the last six months of 2000. More than half said that they had been forced to make redundancies in the first half of the year (up from 30.6% in the previous six months).
Looking ahead, ISO's members expected inflation at the end of the year to reach 69%. However, it was not all doom and gloom, with most expecting the slide in productivity and sales to come to a stop over the next six months.
