Decade after coup attempt, Turkish business groups hail economic resilience

A decade after a failed military coup attempted to overthrow Turkey’s government, business leaders are celebrating what they describe as the nation’s economic resilience. Turkish business groups emphasized their role in maintaining economic stability and growth during the past ten years, even amid global and regional upheavals. These statements come just before the tenth anniversary of the July 15, 2016, coup attempt, which saw members of the Turkish armed forces try to seize control of key state institutions. The coup attempt, orchestrated by a faction within the military linked to the Gülenist Terror Organization (FETO), led to violence against civilians and security personnel, resulting in over 250 deaths and more than 2,000 injuries. The event marked a pivotal moment in modern Turkish history, prompting widespread reforms and a renewed focus on national sovereignty and economic self-reliance. According to business leaders, the crisis tested not only the country’s political structures but also its economic foundations. Foreign Economic Relations Board (DEIK) Chair Nail Olpak stated that the Turkish private sector continued operating without interruption over the last decade, showcasing the nation’s growing economic independence. He pointed to rising per capita income, which increased from approximately $10,900 in 2016 to around $18,000 today. Additionally, Turkey’s share of global exports rose to 1.07 percent, despite ongoing geopolitical tensions and financial instability. Olpak noted that the country has adapted effectively to these challenges while integrating further into the global economy. Türkiye Exporters Assembly (TIM) President Mustafa Gültepe highlighted how the coup attempt aimed to undermine both democratic institutions and the nation’s reputation in international markets. However, he said that Turkish exporters swiftly resumed operations after the crisis, signaling to global clients that production and trade remained unaffected. With nearly 160,000 exporters, Gültepe claimed that the sector has consistently pursued its goals since the incident, aiming to expand its global trade networks and solidify its role as a dependable link in international supply chains. Istanbul Chamber of Commerce (ITO) Chair Şekib Avdagiç remarked that the business community rebounded faster than anticipated following the coup attempt and successfully navigated subsequent economic challenges. Despite initial disruptions, Turkey has grown to become the world’s 16th-largest economy over the past decade. Avdagiç credited the resilience of the private sector and the strength of national institutions for this progress. Istanbul Chamber of Industry (ISO) President Erdal Bahçıvan underscored the importance of democracy and national unity in driving sustainable economic development. He argued that robust institutions, production capabilities, and social cohesion are essential for long-term prosperity. Meanwhile, Independent Industrialists and Businessmen’s Association (MÜSIAD) Chair Burhan Özdemir described the coup attempt as an assault on both Turkey’s economic independence and democratic order. Although the aftermath brought market volatility, exchange rate fluctuations, and temporary economic slowdowns, Özdemir attributed the recovery to strong political leadership, sound economic policies, and the determination of the real sector. He noted that Turkey has bolstered its industrial base and export capacity despite repeated global crises. Advances in strategic sectors such as defense, energy, transportation, and technology have been particularly notable. Özdemir emphasized the development of Turkey’s defense industry as a clear indicator of the country’s pursuit of greater strategic autonomy in the post-2016 era. This shift reflects broader efforts to reduce dependency on foreign suppliers and enhance domestic production capabilities.