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  3. Can Tosun: Demands decreased, growth slowed down
Economy
Yayınlanma: 08 August 2023 - 11:23

Can Tosun: Demands decreased, growth slowed down

We are often the first to sense the wheels of the world turning quickly, and unfortunately, we are also the first to feel the contraction when it starts. Issues stemming from external contraction quickly affect our internal market. Like a domino effect, companies that provide auxiliary services also experience this contraction."

Economy
08 August 2023 - 11:23
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Can Tosun: Demands decreased, growth slowed down
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"Currently, the industry has entered a contraction phase more or less from the onset of Covid-19 until now. We observe a decrease in demand, limitations on bank loans, and consequently a slowdown in growth. This is due to the significant role banks used to play in driving growth. They were also part of the economy due to the austerity measures. Similar situations are happening globally, with interest rates being capped.

After a period of significant saturation worldwide, a phase of deceleration has begun. I believe this trend will continue until the new year. Following the new year, I am confident that we will transition back to a growth phase.

We are often the first to sense the wheels of the world turning quickly, and unfortunately, we are also the first to feel the contraction when it starts. Issues stemming from external contraction quickly affect our internal market. Like a domino effect, companies that provide auxiliary services also experience this contraction."


"Right now, the most crucial thing to do is to 'cut your coat according to your cloth,' so to speak, without taking on excessive debt. In other words, it's necessary to downsize a bit without getting heavily burdened with debt. The country continues to import at full speed. The foreign exchange deficit is a significant concern for the nation. Imports are much higher than exports, and no matter how much exports increase, imports rise by the same proportion.

I anticipate that after a bit more contraction, there will be a brighter future ahead. This term 'semi-finished goods' used in imports is undoubtedly also used in exports. However, I believe a significant portion remains here.

After a considerably active two years in the diamond sector, due to a slight contraction in the American economy, demand has decreased. This decrease in demand negatively affects diamonds. There is a contraction in smaller stones, and a decline has also begun in larger stones. The largest buyer has reduced their purchases, leading to this contraction.

Currently, CVD [Chemical Vapor Deposition] has entered the market at full speed. Just as atoms entered our world 50 years ago, there is a certain market for Zircon stones. Zircon was being produced without a laboratory environment."
 

# can tosun# elite diamond# export# Zircon# CVD# environment# laboratory# import# economy# American# istanbul
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