Newsletters & Press

October 2023

Expected and prepared for about ten years, the celebrations of the 100th anniversary of the founding of the Turkish Republic on October 29 were to be the major event of this month, overshadowed by a new unprecedented humanitarian drama.

From an economic point of view, the repercussions of the Israeli-Palestinian war on global activity and the region are currently uncertain. According to specialists, they depend above all on the scale and duration of the fighting and the geopolitical tensions associated with it. The risks of an intensification and widening of the conflict are significant, particularly for border countries.

While for several years the Turkish government had adopted a policy of rapprochement with Israel, the outbreak of the conflict put Turkey in a delicate diplomatic position. President Recep Tayyip Erdoğan first called for peace and an immediate ceasefire before presenting himself as mediator, then reaffirmed his support for Palestine in united front with the majority of the Turkish political class.

Domestically, the fight against inflation remains the government's first economic battle. In line with the monetary tightening policy implemented by the new economic team, the Turkish central bank again increased interest rates by 5 percentage points, to 35%, after inflation reached 61.53%. in September. This is the fifth interest rate hike since May.

It was therefore with restraint and in a context of official mourning that the celebrations of October 29 took place. The Turkish Republic was founded by Mustafa Kemal known as Atatürk, this strong man dreamed of power for his country, born from the heritage of the Ottoman Empire: a modern state, close to European morals that he created through reforms deep westernization. After a century of existence, this “young” country is today at the heart of world news, economically, politically and diplomatically. As a company that promotes Turkey's economic and commercial opportunities, we are particularly proud to be able to celebrate this doubly symbolic anniversary, since it coincides with Advantis' 20th anniversary!

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