Turkish economy: Timely reporting and analysis of economic developments in Turkey with all its structural problems, as one of world’s 20 biggest economies
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
Fatma Betül Sayan Kaya, the former Family Minister of the ruling Justice and Development (AKP) government, is upset. Because she finds the timing of the recent debate on the Istanbul Convention, a Council of Europe initiative to prevent violence against women, rather “noteworthy” under a “historic atmosphere where the chains of Hagia Sophia are broken
The flow of funds fuels the economy. By bringing together the borrower and the lender, financial markets direct savings into the economy. Savings finance production, production generates more income and hence more savings. What enables this circular flow is the payment to the saver. In modern financial systems, the saver receives an interest payment in
There is currently inflation of problems and crises in Turkey. The latest issue is that President Tayyip Erdoğan is calling for a total ban on social media, using a rude series of attacks on his daughter Esra Albayrak as a pretext. In this climate, alarming steps are being taken behind closed doors, from attempting to
I’m neither an economist nor an economy journalist. But as a political journalist trying to do my homework, consult and read the experts on the subject to understand what’s ahead.It’s possible to go into the details, the data; but here, I would like to share with you a summary of what I can see.There is