Turkish Economy - News & Updates

[xenon54 out]

Investors are afraid that the lira crisis will spill over to other countries. Banks that have a lot of exposure to Turkey were also put on sale.

The AEX index at Beursplein 5 closed 1.6 percent lower at 562.98 points. The MidKap fell 1.1 percent to 794.96 points. The stock market surveyor in London fell 0.8 percent. Paris and Frankfurt lost up to 2 percent.

European banks were eliminated by concerns about developments in Turkey, where the lira reached a new low against the US dollar. The French bank BNP Paribas, the Italian bank UniCredit and the Spanish BBVA, which have a large exposure to debts from the country, yielded up to 5.2 percent. In Amsterdam, ING fell 4.3 percent, making it the biggest faller in the AEX. ABN Amro recorded ex dividend and dropped 3.5 percent. Biotechnology company Galapagos (minus 2.8 percent) also belonged to the biggest declines in the main funds, after a recommendation reduction by Goldman Sachs. Gemalto was the only riser, albeit fractionally.

https://www.parool.nl/amsterdam/turkse-lira-sleept-beurzen-europa-mee-omlaag~a4602741/

Many other finance sites say the same

They will bail out eachother with cheap loans if shyte hits the fan while we will have horrendous interest rates, Erdogan FP made sure that we cant expect anything from Europe either, lets see if ummah is gonna help us.

I dont think they have that luxe at the moment. Atleast they try something. I'm curious

They never had this luxury yet they are doing it every single time, if something is done in the country its people close to erdo and it usually costs double, triple or even 8 times as the exsample before.
Erdogans friends get rich and the country gets poorer, the faster you guys open your eyes the sooner we can break this cirtcle of corruption but if you insist on blaming ''foreign powers'' then it will continue till we reach the breaking point where these rich people leave the country and the people left behind with the huge mess created by greedy corrupt people which you use to defend.

 

[Adıvar]

well , we let to be fooled by our super curropted politicians .... one of them accidentally said that " the total wealth of our children in foreign countries is more than 147 billion $ " ....
past month just 9 billion $ went missing ....
98 % of Iran econmy in under IR control and they are fucking Iranians in every fields ...

Erdogan and his co will repeat IR in Turkey ....

147 billion $ is really too much.

We dont know anything about the wealth of Turkish politicians. But we know they and their relatives have off-shore bank accounts in tax-free tiny countries.. like Island of MAn, Malta...

 

[SouI]

Economic indicators:

And you have just ~70 billion USD in reserves?

That's less than the yearly profit of one of China's sovereign wealth funds.



That would not make much impact on global economy. Turkey is not a significant export country (what it sells is easily replaceable), it does not hold much natural resources, and they do not have much weight in global financial system (such as the amount of reserve they hold).

I wish Turkey the best of luck because they will need all of them. Maybe it is high time to consider getting rid of the very person that is singlehandedly responsible for all of Turkey's miseries, including economic crisis, Syrian crisis, a de facto Kurdish state down south (I am against all separatism, including Kurdish separatism and terrorism inside/outside of Turkey).



In fact, that president is one of the most pro-US. For once, they teamed up with the US to bring down Syria. They wanted to let the US military use Turkish soul to invade Iraq, but, then powerful opposition blocked it.

In Turkey, right wing Islamist governments are the most pro-US.

I guess the reason for crisis is that the US feel the present government is of no use anymore. Now the US has its own new-found allies, the Kurds.

The economic crisis is more of Turkey's fault than US action. Normally, a 50% increase in tariffs on steel/aluminum should not drive an economy into abyss. If Turkey economy is defenseless and ready to fall down with the slightest punch, that's because they have managed economy very badly over the past decade.

The only minor difference is the US has been acting really strongly, almost brutal, against Turkey as one EU official said yesterday.

But, normally, Turkey should have had a better economy and resistance. After all, Turkey is not the only country that Trump puts tariffs against.

Why Turkey so fragile?

I am so proud of Brazil. They were just like us in all metrics but they are now solving all their problems with tight fiscal and monetary regime.

That is also what we had to do, but our government is far too populist for that..

 

[AZADPAKISTAN2009]

What is the driving force behind Turkish Economic problem?
Can Turkey benefit from Joining Shanghai Corporation ? And join Russia/China group

 

[Offshore]

A decade missmanagement

Huge Foreign debt with huge Trade defisit

Erdogan

 

[AZADPAKISTAN2009]

Joining the Shang Hai Corporation and Russian/Chinese Banking models should ensure Turkish economy can develop alternative models for Growth and prosperity

• Iran
• Turkey

Should be two strong candidates for Shang Hai Corporation membership

 

[AUSTERLITZ]

1.Decade of over lending to get non stop artificial higher gdp growth.
2.Leading to high inflation and projects with low returns.
3.Needing constant capital from european banks to make up current acoount deficit and this becomes even more difficult as currency becomes weaker.
4.Internal instability.
5.Erdogan religious belief interest rates are evil.
6.USA sanctions causing market panic.

 

[AZADPAKISTAN2009]

People's Republic of China (Electronics , Cars , Manufacturing , Heavy Industries, Nuclear tech , Space )

Russian Federation (Refineries , Oil and Gas , Culture, and Gymnastics, Nuclear Tech , Space, Metro city tech)

Islamic Republic of Pakistan (Agriculture, Live Stock , IT, Nuclear plants, Gold, Poetry, Coal, Dairy goods)

Republic of Kazakhstan (Oil and gas , Minerals)

Kyrgyz Republic (Gold)

Republic of Tajikistan (aluminum, electricity, cotton, fruits, vegetable oil, textiles)

Republic of Uzbekistan (Cotton, Raw goods , minerals , metals)

----------------------------------------------------------------------------------------------------------

• Iran - (Oil and Gas, power, Agriculture, Pistacios, Carpets, Nano technology, Education)
• Turkey - (Technology, Education , Electronics, Aerospace, Education, Culture )

RUSSIAN-CHINESE , banking is key for Turkey / Iran

 

[SouI]

We will officially get into stagflation very soon. It is already here but needs 1-2 months for economists to officially admit it.

Inflation will rise to around 30% with today's conditions. If FX would get even worse until the end of the year we may very easily cross the 40% mark and officially get into hyperinflation.

Or with little or no growth.. Or even negative growth.

In nominal values the growth is already set to be negative and with added inflation nominal gdp per capita could fall down to around $5000.

There are only two paths ahead of us: Growth or Austerity.

If we choose growth then the real interest rates will have to fall deeper into the negative territory.. Meaning a further collapse of Turkish Lira.

If we choose austerity, then we will get into a recession for at least 3-5 years, but at least inflation will be kept stable and Turkish Lira will be protected.


But like all the populist (aka socialist/communist) governments, Erdogan's gov will pick the growth path.

 

[Pakistani Aircraft]

Wars in Iraq and Syria and Turkey's interventions.

Turkey's external debt has now ballooned to $467 billion at end-June 2018.

 

[WarDaddy97]

Gymnastics, poetry.... Unbelievable...

 

[Hakikat ve Hikmet]

• Exports are rising
• imports are falling,
• new austerity measures to put over-spending in control,
• 7.4% growth in the last quarter, and it's expected to continue
• mega projects are on-going and more to start,
• indigenous defense production rate from 25% to 65% and going up,
• 30% increase in tourism this year and due to weakened TL it increase even more
• Going after domestic currency manipulator terrorists agents of the West the way FETO/PKK are being sorted out
• Mother of all initiatives: trade, invedtment and tourism in local currencies with countries like Russia, China, Iran etc.

Yes, Turkey is indeed in a bad shape!!!!! Hodri Meydan...

 

[HAIDER]

• Exports are rising
• imports are falling,
• new austerity measures to put over-spending in control,
• 7.4% growth in the last quarter, and it's expected to continue
• mega projects are on-going and more to start,
• indigenous defense production rate from 25% to 65% and going up,
• 30% increase in tourism this year and due to weakened TL it increase even more
• Going after domestic currency manipulator terrorists agents of the West the way FETO/PKK are being sorted out
• Mother of all initiatives: trade, invedtment and tourism in local currencies with countries like Russia, China, Iran etc.

Yes, Turkey is indeed in a bad shape!!!!! Hodri Meydan...

Used to buy Turkish organic dry fruit product , now can t find them anymore in stores.

Gymnastics, poetry.... Unbelievable...

He mean to say clay pottery ..or ceramic art.

 

[Adıvar]

There is nothing preventing us from doing business with Shanghai Corporation countries. And we did never stop doing so.

Being an official member of the SC will not change anything much either unless we produce more, less import, more export.

Using a currency in trade other than usd wont make things any better since TL is losing value against all currencies in the world.

The question is,

Where is the 500 Billions Usd Turkey has borrowed?

 

[karajlo]

i dont see nothing wrong with turkish economy...the crisis is artificially created by USA