Turkish economy: Timely reporting and analysis of economic developments in Turkey with all its structural problems, as one of world’s 20 biggest economies
With the noticeable move to loosen government controls on foreign currency, combined with some uncertainty, the Turkish lira tumbled to record lows against the dollar, and one dollar skyrocketed to 23.22 on the evening of June 7. However, the rate had been just under 20 liras on the last working day before the election, while
Before the second round of presidential elections on May 28, President Tayyip Erdoğan told CNN International that if elected, he would continue to cut interest rates following his unorthodox belief that “high interest rates cause high inflation” and that “he had already started to see positive results.” We all wish for a better tomorrow and
The final verdict by the International Court of Arbitration in Paris against Türkiye has further complicated the de facto controversial situation regarding the Kurdish oil exports since the creation in 1992 of the Kurdistan Regional Government (KRG), both in Erbil, Ankara and Baghdad. as well as for foreign oil companies operating in the region. Now,
First, let us try to explain why Türkiye lost an arbitration case brought by the Iraqi government in 2014, which resulted in Türkiye being ordered to pay 1.4 billion US dollars in compensation. We should add that he International Chamber of Commerce’s International court of Arbitration in Paris also found the Iraqi government guilty of
The earthquake caused great suffering. Massive loss of life, numerous injuries, destroyed homes, broken families… It is hard to comprehend that pain unless you have experienced. There was also significant economic destruction due to the earthquake. Many homes and businesses collapsed, and many more became unusable. Schools, hospitals, and other public buildings should be
Türkiye’s opposition alliance that is called Nation Alliance (The Table of Six) announced the Common Policies’ Consensus Text on Monday, January 30, 2023. The 244-page text composed on 9 different sections detailing the opposition alliance’s future program if they would win the upcoming election. This article will focus on the Economy, Finance, and Employment section.
How will Turkey’s economy perform in 2023? It is a relatively complex question since we have been in an inexplicable period regarding economic conditions, and a critical election is to approach. Hence, it would be more appropriate to try to answer this question by dividing 2023 into two periods: before and after the election. First,
Turkish President Recep Tayyip Erdoğan announced on December 26 that one of Türkiye’s 3 drilling ships working in Black Sea has discovered new natural gas reserve of 58 billion cubic meters worth 1 trillion dollars. “Thus, our gas reserve in the Black Sea has increased by 170 billion cubic meters and reached 710 billion cubic
Türkiye’s main opposition Republican People’s Party (CHP) leader Kemal Kılıçdaroğlu promised to bring a technocratic supra-political committee to advise the country’s policy-making efforts, as the party introduced its economy programme in a grand event dubbed “the call for the second century.” “Türkiye needs a radical change. It needs a system that works for everyone. Such