Türkiye's Power Awards, organized for the second time this year by the Independent Industrialists and Businessmen's Association (MÜSİAD), welcomed recipients at an organized ceremony on Thursday.

Vice President Cevdet Yılmaz, who attended the ceremony, reiterated that the current national account deficit, which had risen to $60 billion (TL 1.94 trillion) in the middle of last year, had decreased to $31.8 billion according to February data this year.

"This means that we have now become more capable of financing our investments with internal savings. We are a developing country; we must maintain this balance not by reducing our investments but by increasing our savings," he explained.

The awards welcomed their recipients through a ceremony held at the Atatürk Cultural Center (AKM). Yılmaz, Treasury and Finance Minister Mehmet Şimşek, Industry and Technology Minister Mehmet Fatih Kacır, MÜSİAD President Mahmut Asmalı, MÜSİAD executives and many more invited guests attended the second edition of the ceremony.

Yılmaz stated that MÜSİAD has been an institution that has left its mark on the Turkish economy and democracy since its establishment, saying: "MÜSİAD has always supported the public's rights and democracy throughout its 34-year history. MÜSİAD members have worked with extraordinary effort and dedication for the development of our country and have always stood by our people."

"Not limited to our country alone, MÜSİAD has also demonstrated its commitment to humanitarian values by extending a helping hand to the oppressed people of Gaza, who have been subjected to the inhumanity and crimes of the Israeli government since Oct. 7. MÜSİAD's noble stance and generosity will always be a source of pride for us," he also added.

Israel's ruthless war

Referring to Israel's attacks on Gaza, Yılmaz said: "Unfortunately, we see these ruthless attacks, this oppression, before the eyes of humanity. On one hand, this leads us to pessimism, but on the other hand, we also see a resistance that nurtures our hopes for the future. Regardless of religion, nationality or geography, I extend heartfelt greetings to everyone who opposes and resists this oppression, expressing it everywhere from campuses to streets."

4.5% growth in 2023

Reiterating that the global economy is facing a downward trend, Yılmaz said in his speech: "On one hand, there are geopolitical tensions, wars and conflicts in our region. On top of that, last year we faced the biggest earthquake disaster in our history. Despite all this, despite the global demand contraction, and the slowdown in economic activity, Türkiye closed last year with 4.5% growth. We are talking about a year when the world grew by around 3%. Thus, Türkiye exhibited economic performance above the world's despite all these unfavorable conditions."

Closer to high-income league

"With its performance over the last 20 years, we are now on the threshold of the high-income countries league. The World Bank's criterion for the high-income countries league is $13,845 per capita income. So, if your per capita income exceeds this threshold, you are transitioning to a different league. Thresholds are important when entering homes or passing through doors. They are also important in economics. Because when you leap over thresholds, you experience a qualitative change," Yılmaz said.

"However, leaping over thresholds is not easy; it entails some difficulties. Therefore, in this period and the upcoming period, Türkiye will hopefully leap over this threshold in a different political atmosphere without elections for four years, where political and policy uncertainties are eliminated. We sincerely believe that Türkiye will join the high-income countries league in the near future," he added.

Drop in current account deficit

Yılmaz stated that they aim for the increase in prosperity to become permanent in 2024, saying: "At the core of this is balancing consumption to some extent. Instead of maintaining a level of consumption that we do not need, we aim for a more balanced, reasonable level of consumption increase and channel the savings we obtain from consumption less into consumption and more into investment, production, exports and productive areas. This is essentially what our approach is about. Increasing savings more, both in the public and private sectors, and channeling this increased saving into productive areas for the future."

"We are making efforts toward this. One of the clearest indicators of this is the current account deficit. According to data from February of this year, the current account deficit decreased to $31.8 billion. This means that we have now become more capable of financing our investments with internal savings. We are a developing country. We must maintain this balance not by reducing our investments but by increasing our savings," he added.