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Turkish Economy - News & Updates

What is the driving force behind Turkish Economic problem?

  • The on going Trump attack on Turkish Economy

    Votes: 29 19.9%
  • Jewish Agenda to weaken adjacent countries to Israel

    Votes: 36 24.7%
  • Internal Turkish economic problems

    Votes: 50 34.2%
  • Falling Exports for Turkey

    Votes: 5 3.4%
  • Loss of Tourism income for Turkey

    Votes: 1 0.7%
  • External Loans or Debt impacting Economy

    Votes: 25 17.1%

  • Total voters
    146
You son of tayyip. You son of apo. We will deal with you later I said that but you are still insist on that.
You apo lover traitors are worse than Satan's himself.
Your days are counted.
Wait for it..

@Inspector Spacetime
What are you trying to prove here dude? Is our economy good and doing marvelous job under his administration?
Or isn't it that we are in an economic crisis and our people suffer of it? Everyday half a dozen people go suicide in Turkey do you know it?
What is your point?
Mr. Son in law manages the Turkish economy very well but we bad people just trying to show it different than what is it actually?
Dude you can write hundreds of sentences or talk a mouthful of words buy it can't change the truth.
The main problem is you and your type of people. You have a mentality that refuses everything bad comes from akp government and automatically set yourself in defending positions.
Whole world knows that our economy is doing sh.t right now and we don't have an administrator who can save our economy right now.
1 dolar is 6.2 tl right now and it keeps rising up day by day. Unemployment rate is 23% and 1/3 Turkish youth is unemployed.

Tabi bunların hepsi algı operasyonu. Mesela ülkede herkes yaz geliyor acaba bu yaz dünyanın neresinde tatil yapsak diye kara kara düşünüyor tıpkı yasadigin hollanda halkı gibi.
Hele bizim emekliler kral okadar çok maaş aliyorlarki berat efendi maaşlarının %5'ini keselim diyor ve bayram harçlığı 1000 lirayı vermemek istiyor.
Tabi bu milletin hepsi hemen gaza geliyor terbiyenizler.
Ülke tarihinin en rezil ekonomisi ile karşı karşıya millet delirme noktasında siz hala algı operasyonu yok provokatör felan filan..

https://youtu.be/tRpgs9T9R_s

Those people are all lying right dudes? In Turkey everything is perfect. Especially the economy. Our Mr. Son in law doing magnificent job to bring our country among most developed countries. Due to his effort we might be one of the biggest economies in the world very soon.
No need to say more when it's crystal clear. tayyip's public support fall to 30% and he is behind of imamoğlu.
The Turks slap him in the face last year election of city mayors and next time will kick him in the azz. Then we will deal with all tayyip worshippers and Fetö prostitutes plus pkk militants. It will be the day of judgment for those traitors.
You missed the point of my post, read it again please. I was explaining flaws of the source you posted and the negative consequences that follow from it (the replies on the tweet). It makes people fear, distrust or even hate the opposite side of their own political opinions. I used the source as a mere example.

Dude you can write hundreds of sentences or talk a mouthful of words buy it can't change the truth.
The main problem is you and your type of people. You have a mentality that refuses everything bad comes from akp government and automatically set yourself in defending positions.
This is exactly the point I am trying to make. This is what polarization is. In the case of Turkey, polarization manifests itself most of the times like this. Some people refuse everything bad about AKP, that is correct. That is called cognitive dissonance. But other people are also very quick to refuse anything negative about their own political parties, or if a source claiming the opposite of their opinion they also refuse to believe it and label it as fake news (cognitive dissonance). This is coupled with that people are quick to believe, AKP are corrupt or CHP are traitors, etc. These are message that play into the cognitive biases of people. Making them go: 'see, I told you so' or 'I was right all along' or thoughts like this.

For instance, you were all doom and gloom about the Turkish economy. But I have seen people claiming that everything is awesome when it comes to the economy. The people that have these opinions live in the same country/economy yet their opinions are like night and day? Why, because of polarization. This is due to the propaganda techniques involved. One side of the media and politics focuses and exaggerates the empty part of the glass and try to manipulate us that way. While the other side of the media and politics focus on the half full part of the glass claiming everything is awesome and try to manipulate us that way. The truth is that it's neither very good, neither very bad either. I have had discussions with people from both sides of the political spectrum, and both of them say (about the other side of the political spectrum) 'they aren't able to see the truth'. This is because of the exaggerations, but the fact of the matter is that the truth, judging form my experience fact checking, usually lies somewhere in between.

In other words, the very pro-AKP guy and the very anti-AKP guy are the different sides of the same coin. Both have fallen victim to the manipulation techniques by politicians and media (manufacturing consent).

The youtube videos that you posted (yes, I know Ilave tv). No, those people aren't lieing because they believe what they say at that moment in time, but there is manipulation involved, here's how:
The guy with the microphone from the youtube videos asks suggestive questions or form questions with out of context quotes. The guy asks the question in such a way that, if you deviate from the expected answer, then it makes you look bad. This is also coupled with the people being put on the spot. I'm sure we all experienced this, where we give an answer but later when you are at home you think of a better answer and regret that we didn't give that answer to begin with. There are occasionally people giving a rational answer, or at the very least non-judgemental answer, but the majority fall into the techniques of the reporter. Another thing is, they ask these questions to a lot of people but edit the video and only put those answers in that are favorable with their own opinions.

To elaborate for instance, I can go on the street and ask "there is this dude on a forum called Mr.Niceguy, and he wrote "you son of tayyip, you son of apo" to some other guy on the forum, according to you is this how a respectable person should behave?"
It is most likely that those answering this question will be negative, because the question itself is quite suggestive (those saying yes, will fear they will be perceived as disrespectful themself) and it is really out of context. I am just quoting a (part of a) sentence without showing the rest of your post and without giving context as to why and in what situation the post was written.
This is quite a bad example, but I hope you understand what I am trying to say here.

If you look at the youtube channel, it is clear that this channel has an anti-AKP stance as almost all of their videos are negative towards AKP. Meaning they aren't objective and unbiased and therefore can't be trusted. I could go on youtube and find these types of videos but this time about Aksener, Kilicdaroglu, etc that shows people having negative attitudes about them. These youtube channels and videos would be exactly the same (same techniques and everything) as the videos you posted, though they look like they are opposites, they would be the two sides of the same coin. If we want to have factual and correct data regarding people's sentiment then credible sources like public opinion polls, other methods of measurement and academic research that give accurate and unbiased information regarding these topics. Yes, this is boring but that is the cost of not falling prey to manipulations I'm afraid.

Other propaganda technique is for instance, a factual piece of data, but the story they conjured up around it is manipulative. For instance, 2+2=4. One rhetoric goes: "4 is quite a big number, it's a lot." Another rhetoric goes: "4 is nothing, might as well be 0. It is quite useless.". The number 4 is correct and factual, but one story goes that 4 is good (glass half full), the other story claims 4 is bad (glass half empty). This is how they try to manipulate us. In actuality 4 is not a lot or very little, it is just...4.

These manipulations are very subtle. They don't just go up to a person and say Individual A is evil. No one would believe that. They micro manipulate on a daily basis. They say, individual A didn't stop for a red light. Individual A didn't greet the room as he walked in. Individual A didn't shake hands. Individual A insulted some guy. etc. These are obvious examples but in real life media outlets that do this can be both subtle and obvious. Eventually all this negative sentiment grows (damla damla gol olur), so the next time someone says "Individual A is evil" we tend to believe it more easily. This works in the opposite way as well "Individual A is the best person in the world". This is how media outlets and even terrorist organizations work.

This is an observation and please don't take it the wrong way but judging from your latest post, the rhetoric that you are using, it just shows that you are also a victim of these propaganda techniques. For instance, you say that AKP and their supporters are traitors. This is quite an extreme opinion and it shows that you are in too deep here.
It is really easy to fall for these techniques as well. Even if people are aware of these techniques they can still be fooled and manipulated by them.
I used to be exactly like this as well, I used to think that 80% of the Turkish people were traitors because the political party I supported at the time only got 20% of the votes. This is what they do, they manipulate us so much that we hate our own brothers, sisters, cousins, neighbors, countrymen.

It is our own responsibility to not fall for these manipulation and provocation techniques. One of the easiest ways is to fact check those we hear and read, instead of just believing everything because it falls in line with our current opinions or reject anything that goes against our opinions.

The Turkish economy is neither terrible nor great. It is in a correction period after the currency crises. It is picking up steam (judging from the last quarter), but I think a global recession is coming. It's due for a few years now. Historically a recession comes about every 8 years (small cycle). It has been 12 years since the last recession in the US, but the FED has lowered interests and introduced quantitative easing which could be the reason why we haven't seen a recession or a major crash yet. The last depression was back in the 30's. We could be in for a major cycle, so the next market crash could be a depression (let's hope not).

Turkey is a developing economy as opposed to a developed economy, so it is more prone to major shocks. Like the currency crisis the country experienced. We seem to have recovered from it for now, as opposed to Argentina who seem to still be struggling with it (I wish them the best). I don't know how the Turkish economy will react in the next crisis (it will be negative for all the economies in the world for sure), but I hope it doesn't do too bad relatively speaking. What Turkish economy needs is to clear it's account deficit even in economic growth periods. To achieve this Turkey needs to focus on producing so they don't have to import and can in turn export goods out of the country. This is achieved by R&D. Turkish military industry is a good example of this, if Turkey can recreate this in all other sectors then it will clear it's account deficit and maybe even give an account surplus. Or even better, a trade surplus (this would mean more exports than imports, and every income from tourism goes to account surplus). Turkey is taking steps regarding this according to my research. Turkey's R&D spending has increased every year:
upload_2020-3-1_23-25-55.png

Source: https://tradingeconomics.com/turkey/research-and-development-expenditure-percent-of-gdp-wb-data.html

This isn't where we want to be, 1% isn't enough. According to what's written below, if the current trend in R&D continues then it will be 1.8% of GDP by 2023. However, the goal is to reach 3% by 2023 (see the same source). To put into context, the OECD average for R&D is 2.5%. So if we reach 3% then we are doing pretty well regarding this, only a handful of countries have over 3%. 2023 is only 3 years away, I don't know if they can reach that, but over 2 or 2.5% by 2023 I am happy with that. But 3% and above should still be a goal to strive for in my opinion. I'm fine with delays but as long as we get there.

upload_2020-3-1_23-31-55.png

https://www.tubitak.gov.tr/tubitak_content_files/BTYPD/BTYK/btyk23/2011_101.pdf

One might ask himself, "why not just allocate extra money towards R&D?". It's not that easy, that money needs to go somewhere right? Like R&D centers and universities, etc. There are developments regarding this as well, I am not able to find a source currently but the number of R&D centers are in an uptrend as well as the people working in R&D projects. We need to keep this momentum going and even increasing it in the coming years if we wish to get to 3% R&D to GDP expenditure by 2023.

You said something about suicides in Turkey, here you can find some statistics regarding that:
https://tr.euronews.com/2020/01/05/...ar-ediyor-avrupa-ulkelerinde-intihar-orani-ne
The implied meaning from your post is that suicides were tied to the economy. But if you look at the chart in the source, there were more suicides 2012 and 2013 where the Turkish economy reached a peaked (2011 was the lowest). 2018, the year in which the currency crisis happened, was a little less than 2017. According to TUIK, 246 out of 3161 had 'gecim sikintisi'. For the majority it is unknown. According to the statistics, Turkey has the lowest suicide rate in Europe.
That being said, the statistics for 2019 aren't published yet so a claim that suicides increased or decreased due to economy or any other reason can't be proven or disproven as of yet.
 
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Turkish services exports grow steadily
Country's services exports hit $33.8B in 2018, up 9% from year earlier
Tuba Sahin |05.03.2020

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ANKARA

Turkey's services exports rose gradually, hitting $33.8 billion in 2018, according to Turkish Statistical Institute (TurkStat) data on Thursday.

"Services exports were $27.6 billion in 2016, it increased by 12.4% in 2017 to $31.0 billion, and it increased by 9.0% to $33.8 billion in 2018," TurkStat said in a statement.

Transportation services had the highest share in services exports with $24.7 billion or 73% share in 2018.

The country's services imports also surged during the same period to $23.3 billion.

More than half of Turkey's services imports and exports were with its main trading partner EU with a share of 52.9% in 2018.

Services exports to the EU and European Free Trade Association (EFTA) countries in 2018 were $15.8 billion, while imports from the bloc were $12 billion, the statement read.

Germany took the first place for services exports with $4.3 billion with a share of 12.7%, followed by the U.S. with 7.9% and the U.K. with 5.4% in 2018.

The top country for Turkey's services imports was the U.S. with the share of 10.3% or $2.4 billion.

https://www.aa.com.tr/en/economy/turkish-services-exports-grow-steadily/1755300
 
More confidence in Turkey's economic recovery: Fitch
LONDON-Anadolu Agency
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Fitch Ratings has greater confidence that Turkey’s economic growth is recovering in the near term, according to the ratings service’s Douglas Winslow.

“In 2020 we expect a recovery, with GDP growth going from 0.4 percent last year to 3.9 percent this year,” Winslow, director in Fitch Ratings’ sovereign team, told state-run Anadolu Agency.

“That’s driven by private consumption and supported by the lower interest rate, as well as a pretty sharp pickup in private bank lending, which is growing around 25 percent currently.”

Pointing to Turkey's recovering economic outlook, Winslow said: “We also expect investment to return to growth this year of around 3 percent. A bit more generally, investment sentiment has also been supported by the better current account position, which moved to a surplus of 0.2 percent of GDP in 2019.”

He added: "We do see some near-term risks of greater volatility. For example, from geopolitical developments, and particularly from the monetary policy if interest rates are cut too much, and that puts additional pressure on the lira."

Asked about the possibility of upgrading Turkey’s sovereign credit rating in the future, Winslow said: “In terms of opportunities from the ratings perspective, if we saw better reform progress against the government’s new economy program, [this] would be helpful for the ratings. For example, if we saw pension reforms to boost to Turkey’s saving rate… We think the condition for implementing difficult reforms is better this year given that the economy is recovering and there are no elections planned [or scheduled] for three-and-a-half years.”

Noting that Fitch upgraded Turkey’s 2020 GDP forecast by 0.8 percentage points to 3.9 percent and 2021 GDP is forecast to rise 0.4 percentage points to 4.0 percent, he added: “We have greater confidence that the growth is recovering in the near-term. And we have upgraded the GDP forecast not just to 3.9 percent this year but also 4.00 percent next year.

“We also maintained our assessment that the longer-term potential trend growth of the Turkish economy is around 4.3 percent. The composition and sustainability of GDP growth is particularly important for the rating. Some of the government’s planned reform measures are aimed at reducing the risk of greater imbalances building up."


https://www.hurriyetdailynews.com/more-confidence-in-turkeys-economic-recovery-fitch-152552
 
Lira dodges global pain with cheap oil a boon for Turkey

2020-03-09T143714Z_1_LT3_RTRLXPP_2_LYNXPACKAGER.JPG

CREDIT: REUTERS/MURAD SEZER


The Turkish lira bounced back on Monday from earlier losses, bucking a selloff in many other emerging market currencies which were clobbered by a plunge in oil prices that economists said would boost Turkey's import-reliant economy.

Adds economist comment, updates prices

ISTANBUL, March 9 (Reuters) - The Turkish lira bounced back on Monday from earlier losses, bucking a selloff in many other emerging market currencies which were clobbered by a plunge in oil prices that economists said would boost Turkey's import-reliant economy.

The lira TRYTOM=D3 weakened to as far as 6.2 against the dollar in early trade, but it recovered and stood at 6.1210 at 1400 GMT, down about 0.4% on the day.

Turkey's main share index .XU100 however tumbled 5.94%, falling with global shares, as oil fell and coronavirus fears lingered.

Output hikes by Saudi Arabia and Russia slashed oil prices by as much as a third, a historic rout that hit energy-exporting emerging markets hard.


But since Turkey imports virtually all of its oil and natural gas, economists said the selloff could keep a lid on the country's historically lofty inflation and current account deficit.

Sekerbank Chief Economist Gulay Elif Yildirim said every $10 drop in the price of a barrel of oil trims the deficit by as much as $3.5 billion.

Were oil to remain at current levels though year-end, Turkey's current account deficit would be $10 billion lower than otherwise, she said, adding uncertainties around energy production and the effects of the coronavirus are big wild cards.


It will be a "lost year" for global growth, Yildirim said. Stimulus provided by larger economies "will benefit Turkey in the medium term ... but in the short term there is a market crash everywhere".

https://www.nasdaq.com/articles/lira-dodges-global-pain-with-cheap-oil-a-boon-for-turkey-2020-03-09
 
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Guys there are rumors that turkey in a negotiation with IMF for a loan ? is these rumors are true ? and why Turkey needs IMF now ?
 
Guys there are rumors that turkey in a negotiation with IMF for a loan ? is these rumors are true ? and why Turkey needs IMF now ?
It is not true. If we ever get a loan from the IMF, this action would be the end of the AKP and Erdogan.
 
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I doubt that. But the issue is. There is no accountability on money spent. Thinking of how rte is trying to keep unemployment down, by building a lot it is worrying that we’ll have pretty bad economy when government changes hands and the truth is revealed.
 
Thinking of how rte is trying to keep unemployment down, by building a lot it is worrying that we’ll have pretty bad economy
Honestly, don't get me wrong but his policies of economy and unemployment are pretty similar with Adolf Hitler, isn't it? I mean, think about it; Hitler's Autobahn and RTE's infrastructure projects (with making the yandaş people richer by giving them contracts for the tenders!) are really similar. Keep in mind, I'm neither trying to compare Erdogan with Hitler nor say that he's a dictator. All I'm saying is that their economic policies are similar.
 
Honestly, don't get me wrong but his policies of economy and unemployment are pretty similar with Adolf Hitler, isn't it? I mean, think about it; Hitler's Autobahn and RTE's infrastructure projects (with making the yandaş people richer by giving them contracts for the tenders!) are really similar. Keep in mind, I'm neither trying to compare Erdogan with Hitler nor say that he's a dictator. All I'm saying is that their economic policies are similar.
its very stupid to compare them... from any angle... get yourself a nice job in life pls
 
its very stupid to compare them... from any angle... get yourself a nice job in life pls
As I said, I'm neither trying to compare them nor say that Erdogan is a dictator. But you can't deny the fact that their economic policies look similar...
 
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