ETO EVALUATES THE ECONOMY WİTH WORLD CHAMBERS OF COMMERCE

Eskişehir Chamber of Commerce (ETO) participated in the World Chambers Federation’s (WCF) survey, marking a significant milestone for Eskişehir. The Chamber joined over 200 chambers from 96 countries to share its views on global economic issues.

The Pulse of Chambers 2024 Survey

ETO was the only chamber from Eskişehir to take part in the WCF’s Pulse of Chambers 2024 survey. This global survey, with participation from more than 200 chambers from around the world, including 48 chambers from Turkey under the leadership of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), covered key topics such as business climate, artificial intelligence, inflation, access to finance, climate and sustainability, and regional perspectives.

Key Findings from the Survey

Global Trade Pressures and Business Climate

According to the survey results, regions with political and military problems showed negative expectations. The primary concerns for businesses were a lack of qualified labor and inflation. The global trade atmosphere in the past year has created significant pressures on businesses. While artificial intelligence is still in its early stages, respondents were optimistic about its potential, though 60% of participants considered its uncertainties a risk.

Inflation and Access to Finance

Around 90% of chambers reported that prices had risen in the last 12 months, impacting economic reliability. In response to inflation, half of the participants indicated that it has created upward pressure on wages. The survey also highlighted that economic conditions and tight monetary policies are making access to finance more difficult. Over 50% of respondents expect business conditions to improve, 30% foresee no change, and 15% predict a worsening economic outlook. Furthermore, more than 80% of participants expect inflation to continue rising, either sharply or moderately.

Economic Challenges and Opportunities in Asia and Europe

In the survey, Asia identified challenges like the sustainability of SMEs and the need to promote innovation, while Europe faced issues with energy prices, employment difficulties, and bureaucracy. On the opportunity side, Europe highlighted the potential of the single market and the need to train human resources for the continent’s digital and green transition. In Asia, fostering entrepreneurship and advancing sustainable renewable energy and regional cooperation stood out.

Key Issues Facing Turkey’s Economy

In his evaluation of the survey results, ETO President Metin Güler emphasized that inflation and the unpredictability of costs are global problems. Güler pointed out that inflation is not only an issue in Turkey but around the world, and it is also contributing to difficulties in accessing finance. He stressed the importance of taking the right actions at the right time to navigate through this economic climate, suggesting that public leadership is crucial to increasing savings. Without this, Turkey might continue to suffer from deeper inflationary pressures while the rest of the world moves towards overcoming this challenge.

The Importance of Artificial Intelligence and Innovative Technologies

Regarding technological advancements, Güler noted that artificial intelligence and other innovative technologies are key topics on the global trade agenda. He emphasized that Turkey must focus more on artificial intelligence to remain competitive in the global market. Güler also expressed his gratitude to TOBB and WCF for their efforts in organizing the survey and compiling the findings into a comprehensive report, thanking TOBB President M. Rifat Hisarcıklıoğlu for his leadership.

Conclusion

The Pulse of Chambers 2024 survey provides valuable insights into global and regional economic challenges and opportunities. It reflects both the shared struggles faced by businesses worldwide, such as inflation and access to finance, and the emerging opportunities in innovation and digital transformation. The findings underline the importance of coordinated action to address these issues and prepare for future growth.