Turkish Economy - News & Updates

[CAN_TR]

When people migrate from Antalya, Kayseri, Gaziantep, Trabzon... to Istanbul for work then there is something wrong.

 

[ÇölKaplanı]

Of course, especially in the south and southeast.

The PKK terror caused an underdevelopment in that region but now that the PKK is almost gone and the region is safe, we can heavily invest in there instead of wasting our money with unnecessary projects.

 

[Saithan]

https://www.hurriyetdailynews.com/turkeys-external-assets-hit-251-4-bln-in-february-154030

So the way I understand we got foreign debt of 584 billion USD. That's a lot and our GDP stands at around 771 billion USD. External assets are at 251 billion USD.

I'm a person who don't like debt, so I would prefer if we brought foreign debt way below the value of our external assets.

our GDP peaked in 2013 and is now steadily going down it seems. The consequences of corona still hasn't shown its ugly face.

 

[Glass]

if it wasnt for corona we would fully recovered this year and gdp would be back on growth.

https://www.statista.com/statistics/263757/gross-domestic-product-gdp-in-turkey/

 

[Saithan]

I found this article to be an interesting reading materiale, also the last part about giving people incentive to reuse their old things and not just throw it away would make vocational schools good target for these old products. Students could fix recycle and save the world at the same time.

 

[Constantinople]

Guys I don't know so much in economy but can someone explain what does this mean ?
https://www.fxstreet.com/news/turkey-burning-reserves-and-setting-the-usd-try-fire-tds-202004270746

 

[what]

Turkish Lira is losing value and has been for a while against pretty much all the big currencies. Has its advantages, like Turkish products are cheaper to buy for the export markets but also disadvantages because Turkish companies and even the country itself has loans in € or Dollar that need to be paid back, that are becoming pricier by day.

To give you an example some Turkish football clubs have their debt in Euro and the value or Euro vs. Lira has gone up from 2 to 6 or 7 in the last couple years. While the income is pretty much the same and in Lira, which is now worth less. So debt from some of these clubs has gone up from 500m Lira to a couple bln Lira.

This can be good for export oriented companies but as Turkey is in most industries a net-importer of goods, we're gathering more and more debt all over the economy.

In order to stop the fall the central bank is buying/selling dollars, euros, Lira (thus "burning" /spending the central bank reserve) to stop the decline. They are trying to keep the Lira/Dollar below 1:7.

Don't know if this is understandable, English is not my first language and neither did I learn economics in English.

 

[Constantinople]

Turkish Lira is losing value and has been for a while against pretty much all the big currencies. Has its advantages, like Turkish products are cheaper to buy for the export markets but also disadvantages because Turkish companies and even the country itself has loans in € or Dollar that need to be paid back, that are becoming pricier by day.

To give you an example some Turkish football clubs have their debt in Euro and the value or Euro vs. Lira has gone up from 2 to 6 or 7 in the last couple years. While the income is pretty much the same and in Lira, which is now worth less. So debt from some of these clubs has gone up from 500m Lira to a couple bln Lira.

This can be good for export oriented companies but as Turkey is in most industries a net-importer of goods, we're gathering more and more debt all over the economy.

In order to stop the fall the central bank is buying/selling dollars, euros, Lira (thus "burning" /spending the central bank reserve) to stop the decline. They are trying to keep the Lira/Dollar below 1:7.

Don't know if this is understandable, English is not my first language and neither did I learn economics in English.

Yes I got it . Thank you man

 

[Constantinople]

https://twitter.com/x/status/1255181674666745857

Why this idiot didn't build a gigafactory in Turkey. He visited us and I thought he will invest in Turkey.

 

[mehmeTcc]

Why this idiot didn't build a gigafactory in Turkey. He visited us and I thought he will invest in Turkey.

Automobile industry can't thrive without subcontractors and production of several components for EVs such as batteries are still in infancy in Turkey, hence Tesla's preference for developed countries.

 

[Saithan]

Plus it’s in EU, so easier to sell cars. But ad long ad we have battery production.

 

[Constantinople]

 

[Constantin84]

Turkish Lira is losing value and has been for a while against pretty much all the big currencies. Has its advantages, like Turkish products are cheaper to buy for the export markets but also disadvantages because Turkish companies and even the country itself has loans in € or Dollar that need to be paid back, that are becoming pricier by day.

To give you an example some Turkish football clubs have their debt in Euro and the value or Euro vs. Lira has gone up from 2 to 6 or 7 in the last couple years. While the income is pretty much the same and in Lira, which is now worth less. So debt from some of these clubs has gone up from 500m Lira to a couple bln Lira.

This can be good for export oriented companies but as Turkey is in most industries a net-importer of goods, we're gathering more and more debt all over the economy.

In order to stop the fall the central bank is buying/selling dollars, euros, Lira (thus "burning" /spending the central bank reserve) to stop the decline. They are trying to keep the Lira/Dollar below 1:7.

Don't know if this is understandable, English is not my first language and neither did I learn economics in English.

It's 7.04 today....they burned billions for nothing...

 

[Constantinople]

https://twitter.com/x/status/1257785940724113409

any idea what does this mean ?

 

[Saithan]

The turkish economy isn't doing so well, we don't have a lot of USD reserves. Which limits our options with regards to foreign pressure on TL, but by preventing the outflow of TL, the government is trying to stem the need for printing more TL.

RTE and AKP crazy spending in the previous years including global factors as well as regional factors just culminate here in 2020. I think there is a chance of defaulting on debts.

Albayrak is not reliable he is in family with Erdogan, so he'll be lying.