Turkish Economy - News & Updates

[SouI]

This is why China drops his growth. Turkey needs an economic growth of 6% per year.

No we dont! Kindly go fvck yourself!

You guys only want us to grow so much every year because that means lots of money for you!

You very well know that when we grow a lot that is due to overheating, aka spending the money we dont have to purchase as many goods as possible, and because our country doesnt produce that much it means lots more purchase from europe, especially from germany!

You are using our country as a milking cow, easy money for your developed countries!

I hope the age of rapid growth is over for us and we will hopefully grow modestly at around 2 to 3 percent every year "out of increase of efficiency", not out of "overspending financed by debt"!

I hope we start running a deflationary economy and as such we would import less and less goods and services every year!

And of course we would have very high unemployment, but that would be mainly because of the huge size of imbeciles that make up a big chunk of our population who cant just be employed due to their extremely low skills, very low intellect and low degree of education.

Our country doesnt deserve to have like 5 - 10 percent unemployment. We dont have that high quality of a population like some european countries have.

They dont have these wastes of oxygen in their countries so of course they would have low unemployment.

We need to start the process of ridding ourselves of the extremely low quality people we have in our country, and that is merely called "competition".

 

[Bismarck]

No we dont! Kindly go fvck yourself!

You don’t want. What? Growing.

You guys only want us to grow so much every year because that means lots of money for you!

Sorry, did not know that you do not want to earn money. But yes, we want to earn money. I hope you will forgive us.

You very well know that when we grow a lot that is due to overheating, aka spending the money we dont have to purchase as many goods as possible, and because our country doesnt produce that much it means lots more purchase from europe, especially from germany!

What means a lot in numbers? If I said you need an economic growth of (balanced) it’s depend on some factors. Population growth as one factor. You can teach yourself how much growth various countries needs. One more thing, I said economic growth, I don’t talked about trade balanced.

You are using our country as a milking cow, easy money for your developed countries!

As you do with other countries, which are not on your developed level? Try to grow without goods from developed countries. Good luck.

I hope the age of rapid growth is over for us and we will hopefully grow modestly at around 2 to 3 percent every year "out of increase of efficiency", not out of "overspending financed by debt"!

A good number. FOR DEVELOPED countries. You are a so called emerging country. You need higher number. I don’t say in binary number. But 5-6% is a must.

I hope we start running a deflationary economy and as such we would import less and less goods and services every year!

Try it.

And of course we would have very high unemployment, but that would be mainly because of the huge size of imbeciles that make up a big chunk of our population who cant just be employed due to their extremely low skills, very low intellect and low degree of education.

Our country doesnt deserve to have like 5 - 10 percent unemployment. We dont have that high quality of a population like some european countries have.

They dont have these wastes of oxygen in their countries so of course they would have low unemployment.

We need to start the process of ridding ourselves of the extremely low quality people we have in our country, and that is merely called "competition".

Most of your “problems” are homemade, so don’t judge others. You talk about high educated people. You should star with yourself.

One more thing. If you bring theology or religion in schools (in a restrictive way), university or in other scientific institutions like TUBITAK, you have lost. Just a good advice.

 

[Bismarck]

One more good news from Turkey.

Controlled cannabis production could earn Turkey $100B

By Musab Turan

ISTANBUL

Turkey could earn $100 billion from controlled cannabis production through 2030, said the head of the Cannabis Institute of the Center for Eurasian Strategic Studies (ASAM) on Thursday.

The country could use the cannabis plant to produce textile materials, paper, biodiesel, electricity (with biomass), biodegradable polymers, and all types of plastics, Erdem Ulas told Anadolu Agency.

He said cannabis is also used in the medical industry -- such as cancer treatment -- and the Turkish economy could benefit from this.

"Extrapolating from the cannabis leaf's price of €15 million [$17 million] per ton, we could earn €1.5 billion [$1.7 billion] by exporting 100 tons of [cannabis] oil," he said.

Over the last 8,000 years of human history, cannabis has had a variety of uses, he underlined.

The ancient Sumerians called the plant "the miracle from the presence of the God," he said.

Mentioning rising paper prices in Turkey, Ulas stressed that the country could produce paper from cannabis rather than trees.

"Cannabis has 85 types of cellulose and it can be recycled eight times," he said.

He also said a number of countries worldwide already produce cannabis, including France, the Netherlands, Canada, and the U.S.

"The U.S. expects $71 billion in income from cannabis by 2025," he added.

President Recep Tayyip Erdogan recently announced that 19 Turkish cities were authorized for cannabis seeding.

Since the 1990s, cannabis seeding has been limited in order not to allow the production of marijuana.

Cannabis is used in several industrial fields such as automotives, wood, construction, textiles, cosmetics, biodiesel, food, and paper.

* Gokhan Ergocun contributed to this story from Istanbul

https://www.aa.com.tr/en/economy/controlled-cannabis-production-could-earn-turkey-100b/1367394

 

[UkroTurk]

This is why China drops his growth. Turkey needs an economic growth of 6% per year.

Do you think PRC turned down a economic growth? Bro they won't fork out the trade war against the USA. Literally to state that China is being defeated is to state obvious.
What's the big deal about it PRC has capital or financial gain (which Turkey doesn't) that could fix their economy.

Without an American growth the other economies regarding the globalization.

They would be just ubiquitous tadpoles...

I hope I was able to draw affairs between us and the USA. The bigger you are as yet satisfying and filling to be eaten.
Let's not extend the role given.

 

[rajvoSa]

Booming Qatar-Turkey trade to hit $2B in 2018 as Gulf rift drags on

Trade between Turkey and Qatar is expected to have hit $2 billion in 2018, a Turkish official said, up 54 percent from the previous year, underscoring Ankara's solidified role as a top ally to Qatar amid a political rift in the Gulf region.

Ankara has emerged as one of Qatar's top partners since a Saudi Arabia-led bloc launched a trade and diplomatic boycott of the tiny Gulf state in 2017, sending additional troops and food to shore up Qatar's needs just after it began.

Saudi Arabia, United Arab Emirates (UAE), Bahrain, and Egypt accuse Qatar of supporting terrorism. Doha denies the charge and says the boycott aims to infringe on its sovereignty.

Speaking at the Turkey Expo by Qatar that kicked off in Doha Wednesday, Deputy Finance Minister Osman Dinçbaş said Qatar was one of the fastest growing areas of trade for Turkey in 2018, and the $2 billion figure is expected to grow.

Qatar last year pledged a $15 billion package of economic projects, investments and deposits for Turkey that included an up to $3 billion currency swap to firm up the Turkish lira.


Dinçbaş said "a portion of the $15 billion" had so far arrived but declined to specify how much or in what form.

Turkey-Qatar trade volume for the first 10 months of 2018, the latest data available, indicates $1.7 billion of total trade, higher than the $1.3 billion in all of 2017, a Turkish trade official said.

That trade includes goods such as Turkish food and building materials to Qatar and Qatari liquefied natural gas (LNG) and aluminum to Turkey.

Abu Issa Holdings, one of the largest distributors and retailers of supermarket goods in Qatar, has seen its Turkish brands mushroom to about 25 percent of its portfolio from about 10 percent before the boycott, CEO Ashraf Abu Issa said.

At the expo, Abu Issa showcased Turkish honey and pasta introduced after the boycott that he said have become top sellers in Qatar, replacing Saudi and Emirati brands that once crowded shelves in Doha.

Others, like Kingspan, an importer of Turkish insulated panels for warehouses and cold storage, said volume nearly doubled last year.

Abu Issa said he would stick with Turkish brands that have become popular even if the boycott were lifted, despite higher shipping costs.


"We will continue with Turkey for sure. They are not a replacement. This should have happened a long time ago – we discovered some amazing products and the quality is superior to what we would get from there," he said.

Also speaking on the sidelines of the expo, Deputy Treasury Minister Nureddin Nebati said they also expect trade volume between the two countries to have reached $2 billion in 2018, with Turkey's exports to the country exceeding $1 billion.

Nebati noted that the trade between Turkey and Qatar is expected to be around $2.5-$3 billion this year.

During his stay in the country, deputy treasury minister has met senior officials, including a number of ministers.

Nebati informed that they had productive meetings and that they were also to hold talks with a number of private sector and government representatives, who want to invest in Turkey.

"There is a serious investment demand in all areas for Turkey," he added.

Over 100 Turkish companies operating in various sectors have attended the Turkey Expo by Qatar, the biggest fair that introduces Turkish companies to the Gulf countries.


The region's leading companies such as Abuissa Holding, Milaha, Q Post, Al Faisal Holding were also attending the fair, supported by the Turkish and Qatari governments.

Within the scope of the fair, aimed at realizing important breakthroughs in Turkish-Qatar trade relations, Qatari companies with a total fund size of $60 billion were to meet Turkish businessmen with the support of the Qatari government. The leading representatives of many sectors such as real estate, construction, building materials, information technology, advanced technology, food, machinery and machinery equipment, health tourism, textile, furniture and decoration were to discuss cooperation and investment opportunities between the two countries.

https://www.dailysabah.com/economy/...trade-to-hit-2b-in-2018-as-gulf-rift-drags-on

 

[Bismarck]

Turkey, Germany sign memorandum to develop cooperation on agricultural technologies
DAILY SABAH
ISTANBUL
Published 39 min ago

Photo shows Germany’s Federal Food and Agriculture Minister Julia Klöckner (L) and Turkish Agriculture and Forest Minister Bekir Pakdemirli. (AA Photo)
Turkey and Germany signed a memorandum of understanding Friday aiming to develop bilateral cooperation in the field of agriculture while enabling information exchange in agricultural technologies and cooperative systems.

The memorandum was signed between Turkish Agriculture and Forest Minister Bekir Pakdemirli and Germany's Federal Food and Agriculture Minister Julia Klöckner after a reception given at the beginning of the during the 11th Global Food and Agricultural Forum (GFAF) in German capital Berlin.

Within the scope of the memorandum, an "Agriculture Working Group" will be established soon to overcome the technical barriers to agricultural trade between the two countries.

Being held each year within International Green Week, this year's forum is taking place under the theme of "Agriculture Goes Digital -- Smart Solutions for Future Farming" between Jan. 17-19 with the attendance of agriculture ministries, businesspeople and the representatives of scientific institutions and NGOs from 70 different countries.

Agriculture, food and stock farming policies will be discussed in line with technological developments, and solutions for the problems faced in the field will be addressed at the forum. The participants of the forum will search for answers for questions such as "How can the potential of digital technologies be better used in the agricultural sector?" or "What are the deep structural changes we want to see in agriculture as a result of digital transformation and how will these structural changes be supported politically?".

Pakdemirli will chair one of the sessions titled "Structural changes in agricultural and rural areas." He will also held bilateral meetings with the representatives of the countries and international communities partaking in the event.

The 84th International Green Week also began Friday, with the attendance of over 500 companies who will exhibit more than 100,000 products.

The exhibition will be open to visitors until Jan. 27.

https://www.dailysabah.com/business...elop-cooperation-on-agricultural-technologies

 

[SouI]

Try to grow without goods from developed countries. Good luck.

The thing is that despite of our imports having gone down by a big margin, the only companies we need to sustainably grow our country, the exporting companies, are importing more goods from developed countries than ever before!

But how come, you may ask.

Well it is because the collapse of imports has no relation to our exporters importing less! It is just that the inefficient and uncompetitive companies selling their products inside our country and not to the rest of the world are importing less industrial products.

People also import less goods from abroad.

Local companies and our people are now importing far less than before that their lack of imports actually offsets the increase of industrial imports by our exporting companies so that our economy seems to be importing less industrial products even though our exporters are now importing more industrial products!

Local companies not importing as much industrial goods as before is actually a good thing because that means people are now consuming less, so that local companies producing local goods for local population need less resources and less industrial goods to produce less of their own local goods to be sold locally.

We need an export-based economy to sustainably grow.

Growing our economy through over-consumption is a terrible idea. Because that is really just growing our economy through imports ( from Germany ), which is just stupid.


Erdogan did terribly by having tried to grow our country's economy through imports, that is the reason we are where we are today.

 

[Constantinople]

One more good news from Turkey.

Controlled cannabis production could earn Turkey $100B

By Musab Turan

ISTANBUL

Turkey could earn $100 billion from controlled cannabis production through 2030, said the head of the Cannabis Institute of the Center for Eurasian Strategic Studies (ASAM) on Thursday.

The country could use the cannabis plant to produce textile materials, paper, biodiesel, electricity (with biomass), biodegradable polymers, and all types of plastics, Erdem Ulas told Anadolu Agency.

He said cannabis is also used in the medical industry -- such as cancer treatment -- and the Turkish economy could benefit from this.

"Extrapolating from the cannabis leaf's price of €15 million [$17 million] per ton, we could earn €1.5 billion [$1.7 billion] by exporting 100 tons of [cannabis] oil," he said.

Over the last 8,000 years of human history, cannabis has had a variety of uses, he underlined.

The ancient Sumerians called the plant "the miracle from the presence of the God," he said.

Mentioning rising paper prices in Turkey, Ulas stressed that the country could produce paper from cannabis rather than trees.

"Cannabis has 85 types of cellulose and it can be recycled eight times," he said.

He also said a number of countries worldwide already produce cannabis, including France, the Netherlands, Canada, and the U.S.

"The U.S. expects $71 billion in income from cannabis by 2025," he added.

President Recep Tayyip Erdogan recently announced that 19 Turkish cities were authorized for cannabis seeding.

Since the 1990s, cannabis seeding has been limited in order not to allow the production of marijuana.

Cannabis is used in several industrial fields such as automotives, wood, construction, textiles, cosmetics, biodiesel, food, and paper.

* Gokhan Ergocun contributed to this story from Istanbul

https://www.aa.com.tr/en/economy/controlled-cannabis-production-could-earn-turkey-100b/1367394

so can we smoke weed from now on ?! Please say yes !!

 

[CAN_TR]

so can we smoke weed from now on ?! Please say yes !!

No.

 

[KediKesenFare3]

The growth wont be there i fear because a big part of the surplus is probably thanks to weak lira wich makes producers to import less raw materials, import less machinery/vehicles and also produce less as a result.

We are by far not at a point to cheer yet.

May I add that we're very likely going to have a deficit in Dec. 2018. However, this doesn't mean that the improvement process has abruptly ended. The last month of the year posts traditionally the biggest deficit of the year. In 2017 Dec. this figure stood at a whopping 7.8b USD. For 2018/12 analysts are expecting a deficit of ~1,5b USD, which is still very good. Some experts are even predicting that our 12-month rolling deficit will be balanced during the summer months next year when tourists flock to Turkey; given that nothing bad like a major terror attack happens.

Keep in mind that this diagram is just showing our trade balance. Income from tourism, foreign investments and other sources aren't included.

Our top 5 export markets for commodities: Germany, UK, Italy, Iraq, USA. Last column (Ocak-Aralik) contains the figures for the entire year.

 

[UkroTurk]

The British, German and French economies are likely to decrease next year due to American trade war and monetary policy of FED. Therefor it should come as no surprise a dramatic fall for Turkish export. Your weak currency( shortly after election we will see1usd:7tl )wouldn't support export if there were no global demands.
Have you ever thought about that what we export to Germany, England and Europe? Automotive parts which are re-exported to third countries.

so can we smoke weed from now on ?! Please say yes !!

You can smoke as long as you desire unless cops catch .

 

[xenon54 out]

May I add that we're very likely going to have a deficit in Dec. 2018. However, this doesn't mean that the improvement process has abruptly ended. The last month of the year posts traditionally the biggest deficit of the year. In 2017 Dec. this figure stood at a whopping 7.8b USD. For 2018/12 analysts are expecting a deficit of ~1,5b USD, which is still very good. Some experts are even predicting that our 12-month rolling deficit will be balanced during the summer months next year when tourists flock to Turkey; given that nothing bad like a major terror attack happens.

Keep in mind that this diagram is just showing our trade balance. Income from tourism, foreign investments and other sources aren't included.

Our top 5 export markets for commodities: Germany, UK, Italy, Iraq, USA. Last column (Ocak-Aralik) contains the figures for the entire year.

Yet Industry is still in trouble, we need to find a trade balance with a little stronger lira eventually or our production wont be able to afford raw materials.

 

[KediKesenFare3]

Yet Industry is still in trouble, we need to find a trade balance with a little stronger lira eventually or our production wont be able to afford raw materials.

Our industry is in trouble due to the fact that our people can't afford cheap credits to buy consumer goods. What we're now witnessing is a rebalancing process. Our industry is/was focussed too much on the domestic market instead of competing on foreign markets. We have 2 options to reduce our industrial overcapacity. We either sell to foreign markets or we reduce the size of our industry.

Those companies which are exporting goods and services can afford primary products because they get hard cash in Euros and Dollars. They will survive this process and even grow. Now, according to the capitalistic logic, companies in Turkey are going to shift away from the Turkish domestic market to foreign markets in order to generate foreign exchange revenue. It's simply more attractive.

This was the case for the past few months. However, this is Turkey we're talking about.
Time will tell if our managers will use this opportunity to break into new markets because the weak Lira is a kickstarter for our industry.

It may look like a burden right now but it will be beneficial in the long term if our decision-makers chose the correct policy.

 

[xenon54 out]

Our industry is in trouble due to the fact that our people can't afford cheap credits to buy consumer goods. What we're now witnessing is a rebalancing process. Our industry is/was focussed too much on the domestic market instead of competing on foreign markets. We have 2 options to reduce our industrial overcapacity. We either sell to foreign markets or we reduce the size of our industry.

Those companies which are exporting goods and services can afford primary products because they get hard cash in Euros and Dollars. They will survive this process and even grow. Now, according to the capitalistic logic, companies in Turkey are going to shift away from the Turkish domestic market to foreign markets in order to generate foreign exchange revenue. It's simply more attractive.

This was the case for the past few months. However, this is Turkey we're talking about.
Time will tell if our managers will use this opportunity to break into new markets because the weak Lira is a kickstarter for our industry.

It may look like a burden right now but it will be beneficial in the long term if our decision-makers chose the correct policy.

There is no over capacity in Turkey if you ask me, look at the smaller european countries that have bigger industrial output, what i agree with you is that our products cant compete in international markets, we need to produce much more and export even more thats the only option we have if we eve want to reach developed country status one day.

We might have over capacity for domestic market but we shouldnt stop at that and sell our products worldwide, some companies are already very active in foreign markets but the volume for the size of a country like Turkey is not enough yet, even ''smaller'' South Korea has companies like Samsung, LG, Kia, Hyundai while we have no brand that is nearly as known as those in the world.

 

[SouI]

Those companies which are exporting goods and services can afford primary products because they get hard cash in Euros and Dollars. They will survive this process and even grow. Now, according to the capitalistic logic, companies in Turkey are going to shift away from the Turkish domestic market to foreign markets in order to generate foreign exchange revenue. It's simply more attractive.

What a satisfactory read this paragraph was! Cant get any more correct than that!

Our only option is to base our economic output on companies that are out there competing with the rest of the world!

Companies only doing domestic business are just a burden on our economy because they are already doomed to fail for not being in the global competition. Because they dont have to increase their efficiency today due to the extremely inefficient domestic economy, they will just be left behind all other companies in the world.

And the resources they may use inefficiently (including the labor force they employ), will have been misused all along and would have made more sense to use that labor force for example in companies that are out there competing with the rest of the world, resulting in higher value exports in a greater volume!

Capitalism always makes the right decisions!