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 registered a 1.8 percent growth rate for 2020 and became one of the few countries that achieved positive growth during the pandemic. The growth performance was primarily a consequence of the excessive credit growth and low interest rate policies adopted during 2020. Yet, the consequent pressures on the TL and the sale of central
It would be appropriate to start this article with a question: “How much does biodiversity contribute to the economy?” Ecologists and economists have sought answers to such questions for decades. Governments of the developing countries, in particular, put forward their answers from different perspectives. Are they successful? My answer is no; because it was environmental
Turkey’s long-term supply contracts, accounting for a third of gas imports will expire this year making 2021 a critical one for the country’s short to mid-term energy strategies. The so-called “Western pipeline,” the very first pipeline to bring Russian gas to Turkey starting from 1997, is about to get “retired,” and some of the contracts
The Jan. 28 press briefing of Central Bank Gov. Naci Ağbal marked the agenda of politics in Ankara and the economy in Istanbul. The meeting was interpreted as complementary to the Jan. 26 written support by four major business organizations to the price stability policy announced by Ağbal. The press conference was interesting in two
Turkey-U.S. Business Council (TAİK) Board of Directors hosted U.S. Ambassador to Ankara, David Satterfield, on Jan. 8 in Istanbul. The purpose of the meeting was to convey the demands of the Turkish companies that do business with the U.S. to Washington via the Embassy before Joe Biden takes over the presidency. The leading demands included
Significant facts about Turkey’s current situation were discussed and key opinions were shared in two important meetings, on Dec. 7 and 8. The first one was the reveal of 2020 Trends Survey of Kadir Has University (KHAS), a study conducted each year. The other was the Turkish Economy in 2021webinar jointly organized by Koç University
From the perspective of a monetary economist, inflation is always the first item that should be addressed on the way to sustainable growth. Hence my unduly emphasis on price stability. Despite all the tragedy and loss, perhaps one of the few gains in 2020 was to bring the abstract notion of price stability down to
The government has increased the minimum wage to 2825 Turkish Liras (roughly $379) for 2021. “We kept our promise that we will not let our workers bow to inflation,” said Family, Labor and Social Policies Zehra Zümrüt Selçuk, while announcing the increase on Dec. 28. The trade unions criticized the minister for “condemning workers to
It is difficult to make a meaningful assumption as to when foreign investors will again start to make strategic investments in Turkey. It is, however, less difficult to predict that foreign investors will not start investing in Turkey in levels close to those between 2005-2015 in the near future. Is there something to be done