Turkey’s development strategy for 2023 is unrealistic, Istanbul-Armenian economist Daron Acemoglu said.

In an interview with Milliyet newspaper, he said it is difficult for Turkish entrepreneurs to develop business.

“Economy is growing, but the people remain poor. Poverty can be found in every corner of the world, but in Turkey it is different. This is linked to the previous systems. Due to the absence of the dominant of right, financial and banking system in Turkey suffers losses. The courts are in poor condition, too. The problems will not be solved, until there are structures to ensure the equality of people, and the political system is upgraded,” he said.

Asked how the situation will change if Turkey goes to the presidential form of government, Acemoglu said it would have a negative outcome.

“If you have rule of law, the presidential system is quite good. The right must always go ahead of politics. If Turkey moves to a presidential system with the existing problems, country will be late in transition towards the rule of law,” he added.

Acemoglu was born in Istanbul, Turkey. He graduated from the Galatasaray High School in Istanbul in 1986. He got his B.Sc. degree from the University of York, UK and his M.Sc. degree in Econometrics and Mathematical Economics and then his Ph.D. degree in 1992 from the London School of Economics. He is currently Professor of Applied Economics at Massachusetts Institute of Technology and winner of the 2005 John Bates Clark Medal. He is the 8th among most cited 20 economists in the world according to IDEAS/RePEc. In comparison, Nobel Prize winner Paul Krugman is the 13th.