Turkish economy: Timely reporting and analysis of economic developments in Turkey with all its structural problems, as one of world’s 20 biggest economies
As Turkey gained diplomatic momentum from Russia’s war on Ukraine, President Tayyip Erdoğan is fully aware of his political and economic priorities. He can take two basic steps to leverage Turkey’s diplomatic prominence to its economic advantage and even translate it into votes in upcoming elections. For instance, he may allow the CBRT committee to
As announced last week, the growth rate of Turkey was 11 percent in 2021. It is too high. So, is it sustainable? At which level could 2022 growth be? What are the risks that can create headwinds? Potential growth It is critical to pay attention to two different concepts related to growth. The first is
Stars are falling once the glitter wears off. The ruling Justice and Development Party (AKP) deputy chairman and former Prime Minister Binali Yıldırm was giving an exclusive interview to CNN Türk TV host Ahmet Hakan last night on February 16, inevitably answering questions concerning electricity price hikes which caused a nation-wide outcry. Turkey’s political arena
In the aftermath of the 2001 economic crisis, Ayşe Buğra writes, “I think that Turkish society welcomed the February 2001 crisis very softly.” Many people in Turkey lost their jobs, and even when they kept them, they lost a significant percentage of their earnings because of the unprecedented depreciation of the Turkish Lira. Yet they
Turkey’s main opposition Republican People’s Party (CHP) leader Kemal Kılıçdaroğlu announced that he would not pay his electricity bills, calling out President Tayyip Erdoğan to take back the gradual electricity price hikes that were taken into effect at the beginning of the year that raised protests all over Turkey. You may say that it is
As Turkey-wide protests to the rising energy prices continue, opposition Republican People’s Party (CHP) metropolitan mayors issued a joint call to the ruling Justice and Development Party (AKP) government asking for exclusive energy tariffs for the municipalities. Eleven CHP metropolitan mayors stated that the rising energy prices have become “unbearable” for the mayoralties to provide
According to Turkish Statistical Institute (TÜİK) data, the Consumer Price Index (CPI) increased by 48.69 percent annually and 11.10 percent monthly in Turkey. Intependent groups on the other hand calculated the annual inflation increase as 114 percent annually. TÜİK announced on February 3 that in January 2022, the CPI soared 11,10 percent compared to the
Koç Holding Board of Directors Chair Ömer Koç announced his recipe for recovering the economy as “reducing country risk by implementing serious reforms, as was done in the first ten years of the 2000s.” In other words, he says, the way to recover the economy is through structural and fundamental reforms. These words of Koç
After Iran announced on Jan. 20 that it reduces the gas exports to Turkey, Turkish Energy Transmission Company (TEİAŞ) announced to cut electricity to all Organized Industrial Zone’s (OSB) for 72 days. The cuts started today. The restriction will be effective in all OSB’s where the manufacturers will only be allowed to use electricity for
Mohammed Hassan al-Suwaidi, chief executive of ADQ, an Abu Dhabi state investment vehicle, told the Financial Times that the lira’s weakness could provide opportunities, saying it was a “great time” to buy if you take “a long-term view”. The fund is on hunt for investments, from financial institutions to logistics and food, Financial Times wrote.