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 is not such a rich country to take an economy lesson that is so expensive,” said economist Uğur Gürses in his most recent article published on Duvar English. Gürses noted that while it’s “painful” to see comments about the Central Bank raising interest rates while the exchange rates are at a record high. Gürses
Easing relations with Greece and the European Union (EU) through diplomatic reconciliation would not heal an economy that is facing other serious problems, but consensus might give a sigh of relief if corrective steps are intended. The U.S. dollar trades over 7.7 per lira as the euro stands near 9 liras. The U.S. Ambassador to
President Tayyip Erdoğan has been saying that everything is fine, but many key issues tend to get out of control. Let’s start listing the problems without further ado. Uncontrolled herd immunity 1- The coronavirus epidemic has spread again, starting to collapse the morale of society. The Covid-19 outbreak, which regressed due to restrictive -but not
1. Low interest-high growth proved unsustainable The first week of September was rather intense in terms of data releases. The growth numbers that were released on August 31 reflected an 11 percent decline compared to the previous quarter. This number is rather close to the OECD average. If we express the Q2 growth in annualized
The deficit and the Resource Curse The cost of extraction and the annual potential production level of 320 billion m3 natural gas recently discovered in the Black Sea have not been clarified yet. But it’s understood that this discovery will provide a substantial resource for the Turkish economy. And upon the discovery of this natural
Turkey’s war on COVID is not going well at a time when the economy is also not performing well. TÜİK, the state-run statistic institute, announced on Aug. 31 that the economy shrank 9.9 percent in the second quarter of the year. The additional efforts to prevent a double-digit figure might surface when experts write on
Columnist Uğur Gürses discusses Fitch Ratings’ recent move to revise Turkey’s outlook to negative, within the framework of responses by Nurettin Canikli, the ruling Justice and Development Party lawmaker. “It was known that Fitch would be lowering Turkey’s outlook to negative on August 19 when President Erdoğan said he would be giving good news on August
While watching President Tayyip Erdoğan announcing at a ceremony the natural gas discovery in the Black Sea, I also had the impression that we are witnessing the ceremony for the announcement of a successor to him. Of course, neither Erdoğan is the sultan nor his son-in-law and Treasury and Finance Berat Albayrak is the crown
Turkish President Tayyip Erdoğan announced on Aug. 21 the country’s largest-ever natural gas reserve discovery. Drilling ship Fatih found a natural gas reserve of 320 billion cubic meters in the “Tuna-1” field, close to the exclusive economic zone borders of Romania and Bulgaria, about 175 km northwest off the Turkish coastal town of Karadeniz Ereğli.
Following the exchange rate crisis in August 2018, Turkey is shaken by yet another exchange rate shock. How did we get here, and why? Economists have been discussing these questions for a long while. As we look at the big picture, we could see the widening gap between what should be done and what was