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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
Bubblegum Crisis said:
;)

Saudi Arabia Announces "Vision 2030"

https://defence.pk/threads/saudi-arabia-announces-vision-2030.428163/page-4


Vision 2030 (Official site)


...
Click to expand...

in 10 years you will see

"Vision 2040"

and in another 10

"Vision 2050"

the reality is SA non oil part of the economy is at a brink of collapse
if you couldn't do anything while having a massive trade surplus of 200 billion and still having an economy that had oil for 90% of its income, you will not manage anything with massive cuts and massive deficit that already exists in the budget
with no actual allocation of investments to non oil sector.
 
Azeri440 said:
in 10 years you will see

"Vision 2040"

and in another 10

"Vision 2050"

the reality is SA non oil part of the economy is at a brink of collapse
if you couldn't do anything while having a massive trade surplus of 200 billion and still having an economy that had oil for 90% of its income, you will not manage anything with massive cuts and massive deficit that already exists in the budget
with no actual allocation of investments to non oil sector.
Click to expand...


You seem to have a very heavy bias against the KSA. Saudi Arabia was developing it's infrastructure,Schools,etc using this oil money and now they are finally pushing into the non-oil sectors and we are seeing some progress, Vision 2030 is an amazing idea.

While admittedly they should have done this earlier it's better late then never.
 
EgyptianAmerican said:
You seem to have a very heavy bias against the KSA. Saudi Arabia was developing it's infrastructure,Schools,etc using this oil money and now they are finally pushing into the non-oil sectors and we are seeing some progress, Vision 2030 is an amazing idea.

While admittedly they should have done this earlier it's better late then never.
Click to expand...

sure, all these ideas are "amazing"

reality however is different, due to intense cut back in budgets and still high deficit, non oil part of the economy is suffering just as much as the oil part if not more, the high deficit also doesn't leave any room for government investments into non oil industry, and the FOREX reserves are rapidly decreasing and only enough to cover the year on year deficits.
sure, they have been doing things but not even close to the level of development a country with massive oil production and massive trade surplus should of been doing, they wasted their golden years, and still have oil responsible for 90% of their income.

"A flurry of cost-cutting measures will likely push the non-oil economy into recession, analysts say. That means that any overall growth in 2016 will be largely due to record crude output."

That made the spending cuts all the more painful. While non-oil GDP grew 0.4 percent in the second quarter this year after contracting in the previous three months, private-sector activity was flat.

“With cuts to government spending and fiscal reforms, we don’t see growth coming from anywhere in the non-oil sector this year,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank.

http://www.bloomberg.com/news/artic...ost-oil-plan-off-to-a-rough-start-in-year-one
 
Azeri440 said:
sure, all these ideas are "amazing"

reality however is different, due to intense cut back in budgets and still high deficit, non oil part of the economy is suffering just as much as the oil part if not more, the high deficit also doesn't leave any room for government investments into non oil industry, and the FOREX reserves are rapidly decreasing and only enough to cover the year on year deficits.
sure, they have been doing things but not even close to the level of development a country with massive oil production and massive trade surplus should of been doing, they wasted their golden years, and still have oil responsible for 90% of their income.

"A flurry of cost-cutting measures will likely push the non-oil economy into recession, analysts say. That means that any overall growth in 2016 will be largely due to record crude output."

That made the spending cuts all the more painful. While non-oil GDP grew 0.4 percent in the second quarter this year after contracting in the previous three months, private-sector activity was flat.

“With cuts to government spending and fiscal reforms, we don’t see growth coming from anywhere in the non-oil sector this year,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank.

http://www.bloomberg.com/news/artic...ost-oil-plan-off-to-a-rough-start-in-year-one
Click to expand...
That's exactly why they are doing Vision 2030, Removing Oil dependency.

RIYADH: Russian president Vladimir Putin stressed that it was highly important for Russia to maintain a constant dialogue with Saudi Arabia.
“We attach great significance to expanding multifaceted and mutually beneficial cooperation with Saudi Arabia.

The informative material was well received by the participants, who showed interest in the Kingdom’s political, cultural and economic aspects.

He added that the deputy crown prince’s visits to Beijing and Tokyo resulted in a number of MoUs and joint economic and trade programs that will increase investments and non-oil revenues.
The summit put the issue of development front and center of the global macro policy framework for the first time.
It is also the first time that the G20 has an action plan for implementing the 2030 Agenda for Sustainable Development

http://www.arabnews.com/node/980746/saudi-arabia



$1.3 trillion boost: Vision 2030 to spur trade and finance

JEDDAH: The Kingdom’s implementation of reforms envisaged by Vision 2030 will contribute to supporting Saudi Arabia’s net international investment position (NIIP), which is expected to reach $1.3 trillion (77.6 percent of GDP) by 2030, according to economists.

“We forecast non-reserve financial inflows to rise significantly over the next 15 years, as they become driven by reforms in key areas of doing business in the Kingdom such as property rights, labor market regulations, contract enforceability, etc.,” said the report.
“As a result, the non-reserve financial account deficit will gradually diminish over the next 15 years, with the Kingdom attracting more foreign investors and creditors,” it added.

It said the combination of falling assets and rising liabilities led to a decline in the Kingdom’s net international investment position from $792 billion in 2014 to $703 billion in 2015.
“However, in percentage of GDP terms, NIIP has actually continued to grow during 2015, rising to an all-time high of 108.9 percent, up from 105 percent in 2014. We view this as reassuring for the Kingdom’s credit profile, and this reflects an important strength when considering future financing options from abroad.”

http://www.arabnews.com/node/989886/saudi-arabia

Vision 2030 impresses Belgian govt and business community

http://www.arabnews.com/node/994031/saudi-arabia




Prince Mohammed discusses investment opportunities with Japanese firms

http://www.arabnews.com/node/979391/saudi-arabia

Economists see Kingdom playing a pivotal role in global economy


In this context, Basil Al-Ghalayini, CEO of BMG Financial Group, says: “As the largest OPEC producer and a regional political heavy weight, Saudi Arabia plays a critical role within the G20. With its Vision 2030 and its National Transformation Program 2020, there is a race against time to implement such a plan. Hence, the other G19 are monitoring with anticipation how they may participate and benefit from the Saudi vision.”
He said: “Multiple joint ventures and cooperation memoranda have been signed recently in Japan and China in view of the Saudi Aramco’s initial public offering (IPO), the housing boom and other growing sectors.”
James Reeve, deputy chief economist and assistant general manager at Samba Financial Group, says: “Vision 2030 is an important commitment for the Kingdom to reform in a world where significant supply side reforms have largely stalled. If the process is a success, then it would be an important example to other emerging markets.”

http://www.arabnews.com/node/980311/saudi-arabia


But I would like to hear more about the Turkish economy in the Turkish economy thread.
 
590

Singaporean Foreign Minister Dr. Vivian Balakrishnan (L) speaks to Daily Sabah’s Ali Ünal regarding the Free Trade Agreement between Turkey and Singapore.
Turkey a milestone for Singapore to invest in multiple regions, Singaporean FM says
 
İn Singapore, economy Class automobile costs100.000$!!! There are increadible taxes.
 
http://www.haberturk.com/ekonomi/ek...i-aramco-18-turk-sirketi-ile-anlasma-imzaladi

These Turkish companies signed Memorandum of Understanding with Saudi company;

TAV Tepe Akfen Yatırım İnşaat ve İşletme AŞ, Enka İnşaat ve Sanayi AŞ, İlk İnşaat Taahhüt ve Sanayi Ticaret AŞ, Tekfen İnşaat, STFA Deniz İnşaat, Nurol İnşaat ve Ticaret Şirketi, Fernas İnşaat, Yüksel İnşaat, Kolin İnşaat Turizm ve Sanayi Ticaret AŞ, Yapı Merkezi İnşaat ve Sanayi AŞ, Dorce İnşaat, Doğuş İnşaat ve Ticaret AŞ, Üstay Yapı Taahhüt ve Ticaret AŞ, AGE İnşaat ve Ticaret AŞ, Taca İnşaat, Zafer Taahhüt ve Ticaret AŞ, Metag İnşaat ve Ticaret AŞ, GAP İnşaat Yatırım ve Dış Ticaret AŞ.
 


By Bahattin Gonultas and Sibel Akbay

ISTANBUL

Energy efficiency is a huge resource, which can offer an economic solution to the world's energy problems, International Energy Agency (IEA) Executive Director Fatih Birol said on Monday.

Speaking at the World Energy Congress, of which Anadolu Agency is the global communication partner for 2016, Birol said that the number one energy resource, energy efficiency, is underestimated.

"The first thing we need to talk about here is energy efficiency. Energy efficiency is a huge resource which can provide an economic solution to all our energy problems," he said, adding that efficiency resources are available in all countries.

"But none are making good use of these. We are not making enough use of resources for energy efficiency. This is an issue where more progress definitely has to be shown," he asserted.

As a means of mitigating the effects of climate change, Birol said the energy sector has to concentrate on ways of reducing air pollution.

“In the world, 6.5 million people die prematurely because of pollution caused by the energy sector. We have to take the necessary measures to stop this,” he added.

Speaking at the same panel, Steve Bolze, CEO and president of GE Power, said that the priority for climate change had clearly gained momentum in the past three years especially through agreements such as the COP21 in Paris and the accelerated movement towards decarbonization.

“To reach the full potential in carbon reductions, we should really concentrate on the electrification of the transportation sector. This will be a movement that will significantly reduce carbon emissions,” Bolze asserted.

Birol also affirmed that the coal industry would face serious challenges in the future in terms of clean production and efficiency.

“For example, in Southeast Asia, there has been some heavy investment in coal plants recently, but they have very low efficiency and this is a potential problem. In general, the coal industry will have to reinvent itself to move towards cleaner production,” he said.

Technological breakthroughs would enable the world to find a balance between the different sources of fuel as well as upgrade existing energy plants and build new, more modern ones, he said.

As a means of moving away from a fossil fuels-based market, Birol cited the Saudi Vision 2030 as spearheading the move away from its oil economy reliance. The Saudi Vision 2030 is a roadmap for the Saudi kingdom to follow for the kingdom's development and economy objectives for the next 15 years. Birol suggested that it could act as a model for Russia to diversify its economy.

The oil-rich Saudi kingdom is currently attempting to diversify its economy from being wholly reliant on oil income and it has launched new economic policies for that end.

“Energy is the industry that has the biggest potential for digitalization. Digitalization in energy will create real outcomes for consumers by reducing losses in both transmission and distribution,” Bolze said.

“It will eventually enable users to become producers. I believe it will be the single biggest enabler in the energy sector’s transformation towards 2060," he added.

Regine Guenther, World Wildlife Fund (WWF) Interim Leader for Climate and Energy said that OECD countries should lead the process for energy transition.

"The Paris climate agreement is about adaptation and financial supporting poor countries... Rich countries should support poor ones. Big data may be used as a solution for the future," she said.

Birol warned that two out of three people have no access to electricity in Africa and this is a scandal. "We need to discuss it here," he also said.

The 23rd World Energy Congress 2016, which brought together more than 10,000 participants from 85 countries, including four presidents and 250 ministers and top decision-makers in energy, started in Istanbul on Monday.

According to Birol, Saudi Vision2030, a roadmap for the Saudi kingdom to follow for the kingdom's development and economy objectives for the next 15 years can act as a model for Russia to diversify its economy. The oil-rich Saudi kingdom is currently setting about diversifying its economy from being wholly reliant on oil income as has began to look towards renewables as a means of achieving this.

"Russia needs to grow its economic base," he said.
 


ANKARA

The recent decline in the frequency of questions regarding the coup attempt indicates Turkey is progressing quickly on track to normalization, Deputy Prime Minister Mehmet Simsek said on Sunday.

Speaking during the IMF annual meetings in Washington, Simsek said Turkey’s economics administration had now turned its focus to routine agenda items as investor concerns that were prevalent following the July 15 coup attempt had eased recently.

"Now we have turned to routine agenda items such as growth, the current account deficit, inflation and structural reforms,” Simsek said. “It shows that Turkey’s fast recovery is also being perceived accurately by outsiders.”

Simsek said that Turkey’s perception on foreign investors remained solid despite the challenges the country had suffered so far.

“After Turkey’s rating was cut from investment grade [by Moody’s], there was a significant amount of capital inflow into the country. I mean there is net capital flow into the country,” Simsek said. “That means the credit rating cut was not taken very seriously and we should not dwell much on this issue.”

Simsek said that Turkey has a more robust growth momentum than many emerging economies and a resilient economy, which has proven itself many times.

Simsek said the lack of natural resources and low savings rates remain chronic problems and expose Turkey to external financing needs but the government introduced reforms to overcome this problem.

"We have a far-reaching reforms agenda. There is political stability and a strong government. I believe, with these supportive conditions, Turkey can outperform other emerging markets with the help of new reforms,” Simsek said.
 

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