Current Accounts Deficit Report
10 April 2016 2509 Views

Current Accounts Deficit Report

The Economists Platform asked the top 1000 companies in ISO list about what the most important problem in Turkish economy is. The survey which was initiated by Aksoy Research and Bloomberg HT presented interesting results.

– 86,67% of the top 1000 companies stated that they do exports. This way, we can deduct that most of the companies in Turkey, are more or less integrated to international markets.
– While the percentage of the firms that make production in the context of internal operation regime increases exports’ dependency on imports. In this context, the hypothesis that proposes Turkey’s exports are dependent on imports is correct.
– 65,83% of the companies make Research&Development studies. Research&Development’s increased share, compared to the previous years, is an act to decrease companies’ dependency on foreigners in production. State’s increased support for R&D will encourage companies to increase their budgets for R&D studies.
– While 81,6% of the companies think high current account deficit as a risk, about 55% of the companies see it as a crisis messenger. Some of the companies think it will cause a crisis.
– While some think that current accounts deficit is sustainable, the percentage of the companies that think the government is successful at managing this current accounts deficit is pretty low.
– The rate of those that think constantly increasing current accounts deficit will devaluate TL is 72,50%. I do not think exporters will benefit from this situation. Because one should bear in mind that exports are dependent on imports and no matter which direction it goes, sudden currency rate changes hurt exporters
– Probably as a legacy of the previous experiences, more than 50% of the producers still do not prefer to borrow with foreign currencies.
– 71,67% of the producer firms still think that TL is more valuable than foreign currencies. The rate of those who want TL to lose value as a policy is 45,84%
– We can deduce that Currency Policy Institution’s (PPK) policies partially found some support. And the rate of those who want interests to rise and consumption spending to decrease in money policies is about 45%.
– The general instruction about using domestic products found support from producers with a rate of 81,67%. Besides the answers given here reflect as a request from our producers to strengthen the domestic markets and increasing the demand for the domestic products as an alternative to the markets which are under the impact of crisis. The rate of those that think the general instruction about domestic products will decrease imports is 66,67%
– Besides, people with lower income and small firms among the top 1000 companies, 88,33% of them think banks profited too much in these last 2 years.
– As the management authority argues, 88,33% of the firms think what causes current accounts deficit is energy consumption and increases in oil prices.
– 72,5% of the firms absolutely want some restrictions on imports. 67,50% of the firms want some off-tariff barriers.
– 99,17% of the firms want the government to support domestic intermediary goods.
– While many firms expect increases in Dollar/TL ratio, inflation rate and current accounts deficit, they predict that Euro will be sticking around at the same levels. The percentages of those who think that interest and unemployment rates will increase and stay at the same level are almost the same. The rate of those that sad all those subjects, that are included in economic expectations will decrease, is rather low compared to the other answers.

Firms think, the current accounts deficit will be a problem for the country’s economy this year too. And the unpredictability of the current situation of the global economic crisis and where it can lead to in the next period, increased number of problems with the neighbor countries and so that the worry about the export markets may shrink are expected to cause a support for using domestic products and the domestic market as an alternative to a probable export shock.

Key Words: Research Companies, Research Company, Survey Companies, Survey Company, Survey Firms, Survey firm

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