Turkish economy: Timely reporting and analysis of economic developments in Turkey with all its structural problems, as one of world’s 20 biggest economies
Turkey’s economy was on the verge of a critical turn even before President Tayyip Erdoğan treated Turkey’s Industry and Business Association’s (TÜSİAD) public announcement against the ruling Justice and Development Party’s (AKP) policies as a declaration of war. After TÜSİAD defined the recent monetary move to cut policy rates as “wrong” and urged the government
President Recep Tayyip Erdoğan ignores that what happened on December 17 was a financial crisis. Main opposition Republican People’s Party (CHP) leader Kemal Kılıçdaroğlu names it as “Turkey being dragged into a disaster,” and openly questioned the health of Erdoğan’s “mental faculties.” Opposition İYİ (Good) Party leader Meral Akşener said that the crisis is now
President Tayyip Erdoğan made the long-awaited statement on December 16 and declared the minimum wage as 4253 liras. This statement came after the Central Bank cut the policy rate from 15 percent to 14 percent. In the morning hours, the dollar already exceeded the 15 lira bar and thus settled at the level of 15.5
Germany and France have been awarding human rights defenders worldwide with its Franco-German Human Rights and Rule of Law Award since 2016. This year, French and German diplomats in Turkey deemed Nebahat Akkoç, the founding president of Diyarbakır-based women’s rights foundation KAMER, worthy of the award. Akkoç received her award in a ceremony held at
“Turkey’s economy suffers because of the foreign attacks.” That was the prominent discourse of President Recep Tayyip Erdoğan and the ruling Justice and Development Party (AKP) for years. They instrumentalized this discourse to give an account for problems in domestic politics, stating that the attack of the West caused the issues. However, that discourse no
The Minimum Wage Determination Commission has been working to determine the minimum wage effective in 2022. The current gross and net minimum wages for those over sixteen are 3,577.5 and 2825.9 liras, respectively. [The net amount mounted $383 in January 2021 and is $218 in December 2021 due to the depreciation of the Turkish lira.]
“Dressing the wound” is a term which Necmettin Erbakan, the founder of the National Outlook Movement that the ruling Justice and Development Party (AKP) and President Tayyip Erdoğan have emerged from, used in the 1970s. He used the term to describe superficial economic or political measures which aim to save the day rather than ensure
The proposal that “if interest rates fall, inflation will decrease” is not misleading; however, it depends on some conditions and the kind of ‘interest rate.’ An economy providing necessary conditions implies that it moves on a healthy path. What are these conditions? And which interest rate, as well as whose interest rate are we talking
After the rapid depreciation of the Turkish Lira, the opposition parties held urgent meetings repeated their call for a common economy plan and early elections. There were minor marches in big cities of Turkey like İstanbul, Ankara, İzmir and Kocaeli where people asked government to resign. The marches faced police barriers and intervention as Istanbul’s