Turkish Economy - News & Updates

[KediKesenFare3]

A very good read.

Now try to explain that article to the 52-60% of the country that is uneducated, illiterate and brainwashed to believe everything Erdoganist medias say. Make them believe and read between the lines. Help them understand... Help Erdogan understand the basic facts written in it.

I didn't read the article but I am well aware of the recent developments in our economy. I'm clear on the stupidity of Erdogan's comments and public remarks regarding the economic system. You are right if you are criticizing these recent policies and wrong decisions of the last years. However, it is also true that Erdogan basically tripled our income and size of economy. In addition, the last years were extraordinarily difficult (Coup attempt, Syria, ISIS, US, Russia etc.). And let's be realistic here, please. He just won the elections. He hasn't even started the reform process yet. But, as I said many times before, these coming 5 years will determine his legacy. Don't rush to judgment. His clock is ticking. Wait and see. Besides, this is Turkey. Don't count your chickens before they hatch. We all know that everything - literally everything! - be it good or bad - can happen in our country at any time.

 

[Deliorman]

I didn't read the article but I am well aware of the recent developments in our economy. I'm clear on the stupidity of Erdogan's comments and public remarks regarding the economic system. You are right if you are criticizing these recent policies and wrong decisions of the last years. However, it is also true that Erdogan basically tripled our income and size of economy. In addition, the last years were extraordinarily difficult (Coup attempt, Syria, ISIS, US, Russia etc.). And let's be realistic here, please. He just won the elections. He hasn't even started the reform process yet. But, as I said many times before, these coming 5 years will determine his legacy. Don't rush to judgment. His clock is ticking. Wait and see. Besides, this is Turkey. Don't count your chickens before they hatch. We all know that everything - literally everything! - be it good or bad - can happen in our country at any time.

It’s exactly his policies that lead to the troubles Turkey is into right now and I am not only talking about economy but also about ISIS, FETO, Tensions with half of the world. It is obvious that those were not positive steps and winning mid term and long term policies. Many things Erdogan did helped him to make some short term gains but as you see they lead Turkey to a probable collapse in a longer run. And believe me that it’s not about if it will happen or not... It’s about when it will happen. You can’t expect a different result with the same people and policies. As we say in Bulgaria- You can’t make a new whorehouse with the same old prostitutes working in it.

Okay you will say that he made the economy grow 3 times in 16 years (a thing he repeats for a long time now even though the economy shrinks in recent years in Dolar, Euro, Pound, Frank, Yuan, Yen and any other international currency other that Turkish lira and Venezuelan Bolivar) but let me tell you a secret- most developing countries in the world did the same and even better than that in that period too- all thanks to the huge capital inflows from the developed markets into the developing world and good economic policies their governments implemented.

In that period China grew 10 times, India grew 5 times, Malaysia grew 4 times. The same fo many other countries. Even my Bulgaria grew 5 times (from 10 billion to 50 billion Euros) in those 16-17 years without our politicians bumping their chest and screaming how great our economy is and what a big power we are and how prosperous our country is even though now Minimum and Average wages in Bulgaria plus our purchasing power, exports and HDI are better than those in Turkey.

If now even the poorest and most corrupt country in the EU has better wages than you guys, you can imagine how prosperous Turkey really is. 6-7 years ago my relatives were changing 100 TL for 100-110 BGL when they were coming to visit but this year with their 100 Liras they got 35 Levs in the bank. Here you won’t see prices of products skyrocket every month neither our interest rates are 20-25% etc.

But whatever. Let’s see what the future brings. Everyone is free to believe in whatever he wants to and live in the world he builds in his mind and around him.

 

[SouI]

I am the one you ask the question. But again, have you any idea to solve the economy problem.

I think what we need to do is adopting the EURO as our official currency (so that we will finally have a stable currency), then privatize all state schools and state hospitals and other state-owned companies. Then kick as many useless state employees as possible. Lower the taxes as much as the newly-gained budget surplus. Prohibit the government and all state institutions from being able to get into debt.

Follow policies in line with joining the EU.

These are what I'd do to fix the economy.

 

[Deliorman]

I think what we need to do is adopting the EURO as our official currency (so that we will finally have a stable currency), then privatize all state schools and state hospitals and other state-owned companies. Then kick as many useless state employees as possible. Lower the taxes as much as the newly-gained budget surplus. Prohibit the government and all state institutions from being able to get into debt.

Follow policies in line with joining the EU.

These are what I'd do to fix the economy.

Maybe Turkey shouldn’t adopt the Euro but better go for a Currency Board- fixed exchange rate between the Turkish Lira and the Euro, US Dolar or even both of them. Bulgaria is using that tactic since the economic meltdown in 1996-1997 when wages were 10$ a month and prices were skyrocketing by hundreds of percents a day. In the end though we have a very stable budget and monetary policy and very low debt rates and the Bulgarian Lev is fixed against the Euro at 2:1. The Currency board puts some restrictions on the Central Bank which can be very useful in a country like Turkey.

Though I don’t believe in privatization of absolutely all Turkish state assets which Turkish people payed for. Even in much more successful economies you have state hospitals, schools and companies which provide very good and cheap services without being used for corruption. Though in these countries you have strict Rule of Law and effective State Aparatus so I am all for kicking out all the leeches that are doing and contributing nothing in the Turkish Administration.

 

[SouI]

Bulgaria is using that tactic since the economic meltdown in 1996-1997 when wages were 10$ a month and prices were skyrocketing by hundreds of percents a day. In the end though we have a very stable budget and monetary policy and very low debt rates and the Bulgarian Lev is fixed against the Euro at 2:1.

The reason why Bulgaria is doing it is because it is not allowed to join the EuroZone. Only like yesterday, after Bulgaria accepted to join the Banking union euro countries started to talk warmly on Bulgaria's euro entrance:
https://www.ft.com/content/4b622248-8609-11e8-a29d-73e3d454535d

"The Eurogroup signed off on a set of commitments on July 12 that set the requirements for Bulgaria to join the doc’s banking union.

The plan consists of a programme of supervisory reforms that will allow for strengthened cooperation with the European Central Bank. According to what has been agreed, Bulgaria will not be able to enter the exchange rate mechanism (ERM II) until its banks have passed a comprehensive stress test and asset quality review by the ECB."
https://www.neweurope.eu/article/eurogroup-backs-bulgaria-join-eurozone-july-2019/

And many other articles, all dating yesterday or so.

So yes, I still think we should try to join the Euro. Of course if it would not be possible we should then try your idea and peg our currency to Euro.

 

[UzaySan]

I think what we need to do is adopting the EURO

Adopting euro euro as official currency is giving your economy's control to germany.

 

[Deliorman]

The reason why Bulgaria is doing it is because it is not allowed to join the EuroZone. Only like yesterday, after Bulgaria accepted to join the Banking union euro countries started to talk warmly on Bulgaria's euro entrance:
https://www.ft.com/content/4b622248-8609-11e8-a29d-73e3d454535d

"The Eurogroup signed off on a set of commitments on July 12 that set the requirements for Bulgaria to join the doc’s banking union.

The plan consists of a programme of supervisory reforms that will allow for strengthened cooperation with the European Central Bank. According to what has been agreed, Bulgaria will not be able to enter the exchange rate mechanism (ERM II) until its banks have passed a comprehensive stress test and asset quality review by the ECB."
https://www.neweurope.eu/article/eurogroup-backs-bulgaria-join-eurozone-july-2019/

And many other articles, all dating yesterday or so.

So yes, I still think we should try to join the Euro. Of course if it would not be possible we should then try your idea and peg our currency to Euro.

Bro, I am from Bulgaria and I tell you that they did that Currency Board move to stop the economic collapse and to bring monetary and financial stability. In the beginning the Lev was linked to the Deutsche Mark 1:1 but after the Euro was introduced and it was twice more expensive than the German currency it turned into a Lev to Euro.

Bulgaria joined the EU in 2007 and ever since then it wants to join the Eurozone and Schengen. We are basically in it with our currency linked to it yet we can’t enjoy all the positives being a member of the Eurozone gives- much cheaper financing on the European financial markets, being part of world’s second most important currency and etc. Though after the financial crisis of 2008-2009 and all the problems in Greece, Italy, Spain, Portugal The Eurozone is very cautious agaist every new potential member. Bulgaria is also a country with lot’s of corruption and not the best juridical system yet every year it gets closer to the Eurozone.

ps The European Union can be a huge blessing for Turkey but unfortunately it will never join it for hundreds of reasons.

 

[SouI]

Adopting euro euro as official currency is giving your economy's control to germany.

That is like, you know, your own personal opinion.

A tin-foil hat opinion too, I'd even argue.

Bro, I am from Bulgaria and I tell you that they did that Currency Board move to stop the economic collapse and to bring monetary and financial stability. In the beginning the Lev was linked to the Deutsche Mark 1:1 but after the Euro was introduced and it was twice more expensive than the German currency it turned into a Lev to Euro.

Bulgaria joined the EU in 2007 and ever since then it wants to join the Eurozone and Schengen. We are basically in it with our currency linked to it yet we can’t enjoy all the positives being a member of the Eurozone gives- much cheaper financing on the European financial markets, being part of world’s second most important currency and etc. Though after the financial crisis of 2008-2009 and all the problems in Greece, Italy, Spain, Portugal The Eurozone is very cautious agaist every new potential member. Bulgaria is also a country with lot’s of corruption and not the best juridical system yet every year it gets closer to the Eurozone.

ps The European Union can be a huge blessing for Turkey but unfortunately it will never join it for hundreds of reasons.

I knew you are from Bulgaria, it was obvious from your talking.

I thought I'd give you some sources from yesterday that your country is on course to adopting euro by around june-jule 2019 and has been working so hard to make this happen for many years now.

 

[sedat]

Bro, I am from Bulgaria and I tell you that they did that Currency Board move to stop the economic collapse and to bring monetary and financial stability. In the beginning the Lev was linked to the Deutsche Mark 1:1 but after the Euro was introduced and it was twice more expensive than the German currency it turned into a Lev to Euro.

Bulgaria joined the EU in 2007 and ever since then it wants to join the Eurozone and Schengen. We are basically in it with our currency linked to it yet we can’t enjoy all the positives being a member of the Eurozone gives- much cheaper financing on the European financial markets, being part of world’s second most important currency and etc. Though after the financial crisis of 2008-2009 and all the problems in Greece, Italy, Spain, Portugal The Eurozone is very cautious agaist every new potential member. Bulgaria is also a country with lot’s of corruption and not the best juridical system yet every year it gets closer to the Eurozone.

ps The European Union can be a huge blessing for Turkey but unfortunately it will never join it for hundreds of reasons.

I m not good at economic subjects whatsoever but didnt the government before AKP tried that before? I mean they used fixed exchange rate regime with USD. Turkey has looming structural problems coming from the past like an outdated and broken taxation system which reduces investments and increase risks; inefficient and unproductive state controlled education, healthcare and social security systems, heavy import reliant industry and low value exports etc. I think we wont be able to solve our problems with just macroeconomic monotery policies. It wouldnt matter if we fix our moneys worth to Euro or Dollar because at the end of the day it's not real worth of lira and it would cause huge lack of liquidity or hyper inflation.

 

[Kamil_baku]

After seeing your messages here, one say Bulgaria is "Super power", which i see all the youth is doing shitty things in US and EUrope to earn money, other say we have to accept Euro which means if there is Greece going down, you all will go down.. especially now when Italy, Hungry, Poland, and Romania started to go against it...
Please bring good ideas..

 

[Dai Toruko]

Dışardan kredi yani BORÇ bulabilmeyi, Türkiye'yi üç beş cente muhtaç edip daha sonra yalvar, yakar; kim bilir hangi tavizlerle, burnuna hangi halka takılmasına razı oluyor ve bunları sırıtarak büyük bir meziyetmiş gibi anlatabiliyor.. Enteresan..

 

[SouI]

I m not good at economic subjects whatsoever but didnt the government before AKP tried that before? I mean they used fixed exchange rate regime with USD. Turkey has looming structural problems coming from the past like an outdated and broken taxation system which reduces investments and increase risks; inefficient and unproductive state controlled education, healthcare and social security systems, heavy import reliant industry and low value exports etc. I think we wont be able to solve our problems with just macroeconomic monotery policies. It wouldnt matter if we fix our moneys worth to Euro or Dollar because at the end of the day it's not real worth of lira and it would cause huge lack of liquidity or hyper inflation.

This is what happens in countries that hate the idea of free-market.

Sadly Erdogan's government is blinded by socialist and communist principles.

 

[LordTyrannus]

Ardoughan destroyed the turkısh economy. The worst president. Elected from a mob. A gangster boss Ardoughan.

İf Atatürk was alife he would sentence Ardoughan to death for treason. Ardoughan will sell out the nation soon to jews and western banksters. They grabbed him by the balls.

 

[Dai Toruko]

Ardoughan destroyed the turkısh economy. The worst president. Elected from a mob. A gangster boss Ardoughan.

İf Atatürk was alife he would sentence Ardoughan to death for treason. Ardoughan will sell out the nation soon to jews and western banksters. They grabbed him by the balls.

You need an update version of Turkey.

http://www.hurriyetdailynews.com/tu...an-plans-state-visit-to-germany-report-135125

 

[LordTyrannus]

You need an update version of Turkey.

http://www.hurriyetdailynews.com/tu...an-plans-state-visit-to-germany-report-135125

Yes jewish banksters order him to visit his mob in germany. The diaspora turks there.

Jews want to wield a strong connection between erdog and his mob.

Both need to be destroyed for greater israel.