LEAD Network Turkey Chapter laid out why diversity is needed during moments of economic crisis
LEAD Network Turkey Chapter hosted the economist, academic and TV show host Dr. Can Pamir on September 6th, 2018 in İstanbul to get a better understanding of the current economic status quo. Seventy-five members and potential members joined the meeting. LEAD Network Turkey Chair Füsun Tavus Mumcu welcomed everyone and professionals from the retail industry had the opportunity to meet and greet each other during a delightful breakfast.
Dr. Pamir, widely known for his successful research in the financial world, evaluated the recent economic situation. Pamir shared the latest data regarding Turkey and said: “Turkey ranks 3rd in economic growth after Ireland and India, 2nd in inflation rates after Argentina and Venezuela, and 5th in unemployment. The current deficit ranks 1st with a 5% surplus rate. Regarding 3-month-interest-rates, Turkey is in 2nd place after Argentina. Turkey is the country with the greatest losses in the stock exchange due to the fluctuations in currency rates.”
“Investing in human resources is the best solution in times like this”
Pamir emphasized that fluctuations in currency rates due to current deficits caused stress in the markets. He shared some of the measures and solutions that companies can take. He explained that companies should refrain from investments that rely on changes in the currency rates. Pamir suggested continuing business as usual and avoiding major, high-cost investments. He added that “In such business climates, the first reaction of companies is to downsize; however, that would be a wrong decision. As people are the only resource that can develop themselves, investing in current employees would be the best and most effective action to take.” He emphasized that it would also be the least costly investment.
“Scenarios such as banks going into bankruptcy and the world falling apart will not happen”
Pamir forecasted that the second and third quarters of 2019 would be especially difficult and added that “scenarios like banks bankrupting will not happen; however, it is a time to take some action such as companies importing, balancing currency disruptions via exporting; financial restructuring with banks; finding new investors. These may ease the problems and help pass through this period more calmly.”
LEAD Network Turkey Chapter, September 2018