The year 2024 felt like a roller coaster ride for Turkey. Economic downturns, societal upturns, and security concerns were felt everywhere. The rising dollar, soaring inflation, and food prices that made us ask, “Which product will be cheaper this week?” defined the year. The government’s short-term measures, which can be summed up as “we tried, but it didn’t work,” provided some relief but failed to cover the structural issues in the long term. While organized crime increased in major cities, the issue of individual armament heightened public security concerns. And, of course, tensions with neighboring countries at the borders pushed Turkey into a mode of wondering, “Will we get through this exam?”
But 2024 wasn’t just turbulent economically; it was also marked by societal and security issues. The “security problem” deepened, with organized crime, rising street-level armament, and growing insecurity taking a stronger grip on society. I found myself asking, “Is it safe to go out?” We became increasingly curious about which neighborhood had a shooting or what dangerous crime had been committed on which street. Alongside this, tensions at the country’s border regions rapidly escalated, and relations with neighboring countries became another major strategic concern.
2024 also meant a “busy workload” for accountants. The economic uncertainty in Turkey significantly broadened the scope of work for accountants. The rising inflation rate, constant changes in tax legislation, and innovations brought by digitalization placed a heavy burden on them. The mandatory implementation of digital tools like e-invoices, e-ledgers, and e-archiving initiated a large adaptation process in the sector. Issues like inflation accounting and digital regulations constantly made accountants ask, “Are we sufficiently prepared?” Yet, despite everything, the biggest victim of high inflation was “wages,” significantly increasing the economic pressures on professionals in the sector.
Of course, 2024 wasn’t easy for the world either. The global economy struggled with high inflation in developed countries and exchange rate fluctuations in emerging markets, while geopolitical tensions continued worldwide. The war in Ukraine, the cold winds between the West and Russia, tensions in the Middle East, and China’s threats toward Taiwan… Everything seemed to be moving in parallel. The global economic turbulence further challenged Turkey’s economy, but at least we didn’t feel alone, did we?
As for 2025, this year seems to be shaping up under the shadow of the economic and societal challenges of 2024 but with new opportunities and risks. Inflation management, fluctuations in exchange rates, and other issues will still be on the agenda. However, the government’s new economic reforms and the aim to increase international capital inflow will determine the future of the economy. The energy sector will also be a key issue, with renewable energy expected to take a more prominent role with increased investments. However, dependence on fossil fuels will continue to be a subject of debate. 2025 could be a year shaped by full-fledged economic reforms, societal movements, and regional developments in Turkey. The dynamics of society are changing rapidly. With high youth unemployment, structural issues in education, women’s rights, and environmental concerns, societal movements could become more organized in 2025. Women’s rights and environmental issues will continue to be more vocal, and perhaps Turkey’s “green transformation” policy will take clearer shape. Increasing green spaces in cities and innovative solutions for combating climate change will be central issues in 2025. In terms of security, stricter regulations on individual armament and tougher measures to fight organized crime are expected. The tensions at the country’s borders and migration movements may continue to affect regional stability. Therefore, when asking “Are we safe?” we will also need to take into account the economic uncertainties.
For accountants, 2025 could be a year of rapid digitalization and increased regulations. Blockchain technologies, AI-supported auditing processes, the expansion of e-document applications, and international tax regulations will bring major changes to the sector. This year, accountants who are quick to adapt to digital transformation and closely follow technology will stand out.
As for the global economy, 2025 may be a year shaped by increasing uncertainties and new technologies. The rise of digital currencies, the broader use of blockchain technologies, and the potential for revolutionary changes in the global economy could occur. However, geopolitical tensions are also expected to escalate, and conflicts are likely to deepen. The China-Taiwan conflict, instability in the Middle East, and the effects of the war in Ukraine will continue to impact global security.
Ultimately, 2024 was a year filled with transformations and uncertainties not only in Turkey but across the world. 2025 may be a year where these trends become even more pronounced, technological revolutions accelerate, and international relations become more complex. So as we step into 2025, we don’t have a clear answer to the question “What will the future bring?” but perhaps this uncertainty will force us to stay prepared. It’s certain that the year will be marked by significant changes in both the economy and society!
