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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
ps For those who live in Turkey. Do you guys feel that there is some kind of an economical micro- crisis in the country? Is life more expensive and can people even feel that things are not going economicaly well?

Yes, there is a small scale crisis....or we can say the silence before the crisis.

The firm i work in is an exception....but most of the "esnaf " says..."piyasa" is shitty. "Para dönmüyor", "İşler cacık", etc.....Not only esnaf but i have heard to same thing from other business as well.

They say, main problem is Gülenist business man hold a great deal percentage in the market thanks to their great relation with AKP at the past. Some of them arrested, most of the not. So, they all fear that they can be arrested and don't spend money and hold their money...just incase.

So, there is cash shortage in the market and it effects everybody.

Life got more expensive ? No, not yet.

Maybe there will be a real crisis or we will get over this. I dunno for sure.
 
Guys ...turkey is between two war in syria,iraq and coup attemp and that absolutly will effect on the economy.i am sure that is a shock and not an earthquake will destroy the economy
 
Is there any estimations how many people are Gulenist members? I don't think their number is that high that It can cause such a crysis but on the other hand even if let's say 10 000 of them own a small business (or a medium/bigger one) it can cause problems for let's say 100 000 people. If these people have families it will cause a problem for them too so the number rises. These are just some basic and simple estimations but you get the idea. Anyway the problem is much bigger than that.

The crisis in our tourism is causing much bigger problems in my opinion. So many people decided to not visit Turkey this year- due to terror, the downed jet, the coup and even due to the bad light Turkey is being show in Western medias which constantly keep bashing us. This year we will probably lose around 10 billion just from that. Tourism is a sector that feeds millions of people directly because tourists pay money to sleep, eat and buy stuff, to visit places, bars, tours.
These stuff I mentioned (our bad reputation) also keeps away some people who buy our goods from abroad- clothes, foods etc. In Russia for example they weren't buying our stuff for around 9 months and trade is still not going as good as It was before. That's more billions we lost. A lot of people choose not to use Turkish airlines and our airports because "who knows what happens"- I don't know the exact number of the money we lost but let's say it is around 5 billion at least... For me that's a much smaller number than the actual one but people who make the statistics should be more accurate.
On the other hand a lot of Turkish companies who were doing business around the Middle East, Central Asia, Russia, Ukraine, the Caucasus are hit by the crysis there due to wars that are going in Syria, Iraq and other problematic countries and the low oil prices that is a big source of most of these countries. Most of these countries are also in some sort of an economical crisis and of course when they don't have enough money to build, buy from us and use our services it also hits our ecomony. Probably just from the businesses that operate abroad in the construction sector, textiles, trade etc. we lost at least around 10 billion dollars- again those who collect the statistics should say the exact number.

So you get the idea. Most businesses that are hit in our economy are the ones who are heavily dependent on foreign customers and who operate in areas where profits are not so big but where millions of families are employed. I am actually optimistic that next year will be better... maybe not better than 2014-2015 but better than this one. If something big doesn't happen again (like a new coup, Turkey going into a full scale war with someone or Erdo deciding to cut our relations with Europe) things should get better. Considering how inteligent AKP and it's leaders are though it's highly possible some of these things to become reality... why not even 2 of them. :D
 
What is happening to the lira guys? Do you think it is a problem that our currency lost half of it's value in the last years or that it dropped so much in the last days? Couple of weeks ago or something the dollar was trading for around 3 YTL and the Euro was around 3,30.

And today:
1 USD = 3,26 YTL
1 EUR = 3,55 YTL

ps BIST also is going down and the current accound deficit actually widens in September to 32 billion dollars. Revanues from tourism are down by 33%. Unemployment rises so is our External debt (more than 420$ billion) but I guess it's all good, right? :enjoy:

Not only Turkish Lira, Ukrainian Hrivna also lost today .
I think it's global tendentious rising dollar due to Trump has won .
 
Turkey, Russia to discuss trade on agricultural products in Sochi


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REUTERS photo



Turkey and Russia will discuss ways to enhance trade on agricultural products as the former expects the lifting of all sanctions imposed on Turkish food supplies amid an acceleration in the normalization of bilateral ties between the two countries.

Turkish Agriculture Minister Faruk Çelik will meet Russian counterpart Alexandr Tkachyov on Nov. 18 in Sochi on the sidelines of an international agriculture fair with the participation of a large delegation from both sides.

Russia has lifted some of the trade sanctions it imposed on Turkish products after Ankara expressed its regret for the downing of a Russian warplane on Nov. 24, 2015.

The Turkish and Russian presidents, Recep Tayyip Erdoğan and Vladimir Putin, have held three separate meetings since July and signed the Turkish Stream natural gas pipeline as well as agreed to further develop ties in the field of economy, trade, transportation and tourism. However, there are still some restrictions imposed on the Turkish export of agricultural products to Russia.

“In our meeting in Sochi, we’ll discuss all these issues,” Çelik told the Hürriyet Daily News on Nov. 17 in an interview. “Sanctions will be lifted but it will take some time. Our geography and our agricultural products are indispensable for Russia. They have to import our tomatoes and citrus products.”

Russia imported some of its needs from other countries while it imposed sanctions on Turkey but talks to be held between the two countries would open the doors of the Russian market to Turkish products, the minister said.

However, the agenda of the two ministers will not be limited to the lifting of sanctions. Russia recently proposed exporting red meat to Turkey in order to supply the needs of the Turkish market. “It’s no secret that we have a deficiency in red meat, and we need to import it. Our need is around 150,000 and 200,000 tons. And they are proposing to supply a part of it,” Çelik said.

“We could import around 50,000 tons of red meat from Russia,” said the minister, adding that Turkey was currently importing red meat from Brazil and Bosnia and Herzegovina.

Another item in the ministers’ agenda will likely be Turkey’s demand to sell poultry to the Russian market. Russia imposes heavy custom tariffs on Turkish poultry products that make exports nearly impossible. Çelik will likely raise this issue to his Russiancounterpart in his meeting in Sochi on Nov. 18.

“We have well-integrated poultry industries. We are telling them to buy their needs from Turkey. We’ll ask them to lift the blockage on poultry,” he said, recalling the Russian market had a deficiency of around 150,000 tons of poultry annually.


Organic agriculture to be boosted

Informing about the recently announced National Agriculture Program, Çelik stressed that they would focus on boosting the livestock industry so that Turkey will no longer import red meat. “We have selected 29 provinces where we will subsidize the livestock industry,” he said.

Another important project is to promote organic agriculture, the minister stated, underlining that they had designated four provinces for completely organic agriculture. “We recently had a meeting and we will declare Gümüşhane, Bayburt, Rize and Artvin as towns where only organic agriculture will be conducted. That’s what we are planning for tea production. There will be no use of any chemical fertilizers,” he said



http://www.hurriyetdailynews.com/tu...ochi.aspx?pageID=238&nID=106263&NewsCatID=345

 
Syrians launch nearly 5,000 companies in last 5 years

According to The Union of Chambers and Commodity Exchanges of Turkey (TOBB), Syrians have started a total of 4,963 companies and exceeded TL 700 million ($260 million) in the total amount of investments made over the past five and a half years.

Assoc. Dr. Çağrı Bulut, from Yaşar University's Department of Business and Administration, said the number of companies established by Syrian entrepreneurs keeps rising, constituting 10 percent of the country's total number of foreign-capital firms.

Bulut noted that Syrians, who launched 81 companies with TL 11 million capital in 2011, have increased the number of companies to 4,963 over the past five and half years and made over TL 700 million in investments.

Saying that the number of companies launched by Syrians has reached 1,371 in the first nine months of the year, and that the community is preferring active centers of industry and trade such as Istanbul, Gaziantep, Mersin, Hatay and Bursa, Bulut said the investments have particularly focused on construction, real estate, restaurant management, auto service and wholesale and retail sectors.

Stressing that asylum-seeking entrepreneurs have established their own businesses by assessing the opportunities related to their own citizens and people living in their current cities as the target market, Assoc. Dr. Bulut said a majority of these entrepreneurs will be permanent in Turkey after receiving the residential permit through their companies. Noting that the same kind of behavioral pattern is also seen in the citizens of Middle Eastern countries who migrate to Europe through official channels, he suggested that innovative and entrepreneurial new policies focused on Turkey's growing refugee population should be designed and implemented immediately. It seems possible for the current economic data to be included in the system through new regulations, such as micro-entrepreneurship for foreigners, Bulut said, suggesting that micro-credit or micro-finance applications provided for small-scale enterprises could be also designed for Syrians.


http://www.dailysabah.com/economy/2016/11/18/syrians-launch-nearly-5000-companies-in-last-5-years
 
Turkey to provide $3.8 bln incentives to farmers in 2017: Minister

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The government will provide agricultural incentives worth 12.8 billion Turkish Liras (around $3.8 billion) in 2017, Food, Agriculture and Livestock Minister Faruk Çelik has said, Reuters reported on Nov. 24.

“We will provide a total of 12.8 billion liras of agricultural incentives to our farmers in 2017,” Çelik said at parliament’s Planning and Budget Commission.

He also noted that over 1 billion euros in grants will be provided for agricultural investments in line with a program that will last until 2020.

Çelik also referred to Turkey’s problems in meat production, stating that the government will provide 750 liras ($219) in support for the vaccination of every four-month-old calf.

“We will also designate a total of 184 plains, protected areas, and not let them be used for other purposes. We have already drawn the borders of 136 such area,” he said.

Çelik noted that a total of 941 agricultural basins were designated in line with the agricultural incentive model on basins.

Turkey made agricultural and food product exports worth $11.3 billion in the first nine months of the year, he added.


http://www.hurriyetdailynews.com/tu...ster.aspx?pageID=238&nID=106525&NewsCatID=344
 
Turkish-Arab business chamber established

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The Union of Chambers and Commodity Exchanges of Turkey (TOBB) established a Turkish-Arab Chamber through a deal with the Union of Arab Chambers (UAC) on Nov. 24, in a bid to further boost economic and trade ties with the region.

The TOBB inked the deal with the UAC, which has a total of 22 members representing an economy worth $2.7 trillion in total, at a ceremony in Istanbul.

“Turkey makes only 8 percent of its total trade with Arab countries. Our share in their total trade volume is just 1 percent. So there is a huge fertile ground for us to boost our economic and trade ties. In a bid to realize this potential, we have now been launching the Turkish-Arabic Chamber,” said TOBB President Rifat Hisarcıklıoğlu in his speech at the ceremony, according to a follow-up press release.

Hisarcıklıoğlu praised the sharp increase in economic ties between Turkey and Arab countries over the past 15 years.

The number of Arab tourists visiting Turkey every year is currently at 3 million, a nine-fold increase compared to 15 years ago, he also noted, adding that Turkish businesses’ investments in the Arab world saw a 36-fold rise and Arab companies’ investments in Turkey saw a 23-fold increase.

The new organization will reportedly include 22 UAC representatives and 22 TOBB representatives.

Since its establishment in 1951, the UAC, which represents a 390 million in population and $2.8 trillion economy, has been headquartered in Beirut. Its members include the chambers and unions of 22 Arab countries, which in turn represent and organize all private sectors in their countries, according to the organization website.


http://www.hurriyetdailynews.com/tu...shed.aspx?pageID=238&nID=106526&NewsCatID=345
 
Tough times for TR economy. Europe is stagnant Middle East market has been hit (Libya, Syria, Iraq, Egypt etc.),Russia is in bad shape, TR is under attack by terroists, Gulensist pulling out cash. Still not bad considering all that is going on. Inshallah things get better. We need to work towards accessing African and US markets more successfully. right now America is doing pretty good, Africa is growing.

Education system needs to be geared towards creating students that can create hi-tech products, old prussian industrial class room style should be trashed. A dynamic learning system is needed that focuses on problem solving, team work, and the use of technology for resolving tasks. Also developing technology to solve problems. We are too scared to diverge from current worldwide educational model.

Yes, there is a small scale crisis....or we can say the silence before the crisis.

The firm i work in is an exception....but most of the "esnaf " says..."piyasa" is shitty. "Para dönmüyor", "İşler cacık", etc.....Not only esnaf but i have heard to same thing from other business as well.

They say, main problem is Gülenist business man hold a great deal percentage in the market thanks to their great relation with AKP at the past. Some of them arrested, most of the not. So, they all fear that they can be arrested and don't spend money and hold their money...just incase.

So, there is cash shortage in the market and it effects everybody.

Life got more expensive ? No, not yet.

Maybe there will be a real crisis or we will get over this. I dunno for sure.
I think after Gulenist assets are distributed things will get better but they should be distributed in a fair bidding process without violating Kul Hakki. Still after things are distributed it will take a while to rebuild business effectiveness.
 
Turkey sees slower GDP growth in second half of 2016: World Bank

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As private investment and consumption appear to have slowed down in the aftermath of the failed coup attempt, high frequency indicators suggest real GDP growth may fall into negative territory in Turkey in the third quarter, which will bring full-year GDP growth in 2016 to 3.1 percent, compared to 3.5 percent envisaged earlier, said the World Bank in a note on Nov. 25.

“The recent geopolitical developments have increased domestic uncertainty and weakened business confidence,” said Johannes Zutt, World Bank Country Director for Turkey.

“We project GDP growth to rebound to 3.5 percent in 2017, as the removal of Russiansanctions enables net exports to improve. That said, private investment is likely to remain weak in 2017, though structural reforms aiming to rebuild business confidence and improve the investment climate should gradually help to raise private investment in the medium-term,” he added.

“The current account deficit is likely to rise in 2016, as tourism revenues fall,” said Donato De Rosa, World Bank Lead Economist for Turkey.

“Foreign arrivals to Turkey dropped sharply in 2016 on the back of Russian sanctions and security concerns, which curbed flows from Russia and Europe. The rebound of global oil prices since early Q1 will show its negative impact with a lag, increasing the energy deficit in 2017,” added De Rosa.

The note underlines that volatility in financial markets has increased due to global and domestic factors.

“Since September, volatility has increased further, reflecting a weak global outlook, an expected interest rate increase in the United States, slower domestic growth, a widening external deficit, and an accommodative macro policy mix. Moreover, in late September, Moody`s cut Turkey`s credit rating from Baa3 to Ba1, one notch below investment grade. As a result, Turkey has seen portfolio outflows, and the Turkish Lira has come under pressure,” stated Ayberk Yılmaz, Economist in Turkey office of the World Bank.

“More recently, the surprising outcome of the U.S. presidential election has pushed up global bond yields and put emerging market currencies under pressure. The depreciation of the Lira puts additional strain on the balance sheets of corporates, which have large open FX positions, weighing on confidence and investment outlook,” he added.

The note also underlines that the government plans to ease fiscal policy in the fourth quarter to support growth amid weakening private demand. The medium-term program anticipates a looser fiscal policy going forward, using fiscal space to support growth. General government budget deficit is projected to increase to 2.1 percent in 2016, before easing to 1.9 percent in 2017.

The World Bank’s work in Turkey is based on a joint Country Partnership Strategy (CPS) for the period 2012-2016. The CPS aims to support Turkey’s transition to high income with financing of up to $6.45 billion during the five-year period, as well as with policy analysis and advisory services.


http://www.hurriyetdailynews.com/tu...bank.aspx?pageID=238&nID=106549&NewsCatID=344
 
Turkey, Russia to discuss trade on agricultural products in Sochi

“We recently had a meeting and we will declare Gümüşhane, Bayburt, Rize and Artvin as towns where only organic agriculture will be conducted. That’s what we are planning for tea production.

http://www.hurriyetdailynews.com/tu...ochi.aspx?pageID=238&nID=106263&NewsCatID=345

100% organic Tea production in Rize has actually been started around 10 years ago. No chemical is allowed in the region. Not for only Tea but also for everything in agriculture production around tea plants.
 
100% organic Tea production in Rize has actually been started around 10 years ago. No chemical is allowed in the region. Not for only Tea but also for everything in agriculture production around tea plants.
I love tea. Being in the UK, good that the Brits love tea too. I don't know anyone else as obsessed with tea than our two nations :lol:
On that note, i am going to put the kettle on.
 
I love tea. Being in the UK, good that the Brits love tea too. I don't know anyone else as obsessed with tea than our two nations :lol:
On that note, i am going to put the kettle on.
As a tea farmer from Rize i say; Turkish tea is the best of the world for two reasons:

1. Turkish tea plant (as far as i know) is the only one in the world that remain under snow during winter. The climate of other tea maker countries is too warm. I think it is something that makes Turkish tea leaves special/healthy.
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2.The light traffic beside zero chemical fertilizer. In my village , for example , not more than 5-10 cars a day passes through its road which is actually only. :) This means no air pollution at all.

I should add that around 70 % of tea production is organic with no chemicals. The rest 30% still use fertilizers as other countries.

UK Lipton too has a tea factory in Rize . they buy tea leaves from farmers and sell it under their names after packi ng. But the tea Lipton buy/make is not organic.

This is "organic" tea.:

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