Turkey has moved past “hyperinflation” and “the worst part” of its economic crisis, one of the country’s most prominent entrepreneurs has said, in a sign of business circles’ confidence that President Recep Tayyip Erdoğan’s shift away from unconventional economic policies will endure.
Erman Ilıcak, the billionaire founder of construction group Rönesans Holding, said he was “very optimistic” about the overhaul implemented by finance minister Mehmet Şimşek, the former Merrill Lynch bond strategist appointed in the wake of Erdoğan’s re-election in May.
“We have been through very difficult times in Turkey,” Ilıcak told the Financial Times. The billionaire, who is an ally of Erdoğan, cited “hyperinflation”, February’s devastating earthquake, and presidential and parliamentary polls.