GİAD Responds to Electricity Price Hike

In a written statement, GİAD highlighted that these price increases exert significant pressure on businesses and consumers, exacerbating the existing economic vulnerabilities. The association emphasized that employers and shopkeepers are struggling to cope with rising costs, calling the government's policies that further complicate market conditions unacceptable.

The statement pointed out that the disproportionate increase in minimum wage has placed a substantial burden on employers. It noted that shopkeepers are now unable to meet obligations such as salaries, insurance, and fees, and warned that, with the addition of the electricity price hike, small and medium-sized enterprises would face challenges in surviving.

Additionally, GİAD indicated that the country's budget deficit stems from incompetent management and irresponsible spending, asserting that the continuous rise in costs for essential services like electricity is unsustainable. They stressed that the economic growth potential of Northern Cyprus can only be realized through a management approach based on efficiency, meritocracy, transparency, and accountability.