Turkey's Economy: A Complex Situation
Turkey's economy has been making headlines recently, with the inflation rate rising to nearly 50% in one year and a significant devaluation of their currency. This has led to panic and uncertainty about the future of the Turkish economy. So, what exactly is going on?
The Unconventional Move by the Turkish Central Bank
In the last few months, the Turkish lira has experienced a significant drop on the international exchange rate, losing around half of its value in just one year. This was largely due to a non-conventional move by the Turkish Central Bank to reduce the borrowing rate in an attempt to slow down inflation. Typically, international banks increase borrowing rates to reduce inflation, so this strategy was a departure from the norm and initially caused panic as people rushed to exchange their lira for more stable currencies like the dollar or sterling.
A Promise of Stability
However, a guarantee was put in place to stabilize everyone's lira savings, with the promise that they would follow inflation with an index-linked interest rate. While this brought stability to the lira, it also resulted in rising prices, which has been particularly devastating for people on lower wages.
Impact on Different Economic Classes
The economic situation in Turkey has created a clear divide between manual workers and skilled workers. While some are struggling to make ends meet, there are wealthy Turkish individuals driving luxury cars, despite the high taxation on vehicles of this nature. It's clear that not everyone is feeling the same impact of the economic situation.
Challenges in the Energy Sector
Turkey is facing challenges in its energy sector, with high increases in gas and electric prices. Much of their natural gas and electricity is imported from neighboring countries, making them dependent on foreign currency. These challenges have led to restrictions on availability and some national power cuts, although efforts are being made to resolve these issues.
Hope for the Future
Despite the current economic challenges, there are positive developments on the horizon for Turkey. Large gas fields have been discovered off the coast of Northern Turkey, which could significantly contribute to their natural gas supply in the future. Additionally, Turkey has made significant investments in eco-friendly initiatives such as solar, hydroelectric, and wind power, positioning them as more advanced in these areas compared to many other modern countries.
Turkey's Economic Potential
While Turkey may be facing economic challenges, it's important to recognize the country's potential. They have a robust export industry, including iron, steel, copper, and textiles, as well as a significant presence in the automotive industry. Additionally, Turkey is set to start producing electric vehicles in the near future, which will contribute to their eco-friendly efforts.
Opportunities for Foreigners
Despite the economic challenges, Turkey still presents opportunities for foreigners. The country has lowered the threshold for purchasing property to gain Turkish citizenship, offering tax benefits and a streamlined process for obtaining residency. Additionally, with lower prices for foreigners due to the devaluation of the lira, Turkey remains a cost-effective destination for tourism and living.
Looking Ahead
In conclusion, while Turkey's economy is currently facing challenges, the country's potential for growth and development is promising. Despite the restoration work that is yet to be completed, Turkey has made significant progress and has the potential to become one of the best countries in the world. It's important to recognize the value of Turkey as a country and its resilient people.
Incorporating HTML Headings:
– Introduction: Turkey's Economy in the Spotlight
– The Unconventional Move by the Turkish Central Bank
– A Promise of Stability
– Impact on Different Economic Classes
– Challenges in the Energy Sector
– Hope for the Future
– Turkey's Economic Potential
– Opportunities for Foreigners
– Looking Ahead
Overall, it's important to remain optimistic about Turkey's future and appreciate the country's strengths amidst the current economic challenges.
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The cheapest thing in Turkey is human labor. The government lies to the public for inflation. According to the calculations of independent researchers, there is 176% inflation in the country, I think this rate is higher.
Turkey has become Europe's refugee warehouse, there are 10 million illegals, migrants and refugees in the last 2 years, the government has spent about 90 billion on these people.
AKP is a party that is hostile to the Republic. Its grassroots electorate is composed of sharia Muslims. These people have a war with secularism, democracy and ATATÜRK.
Hunger limit in Turkey: 6.349 ₺
Poorment limit: 20.818 ₺
Minimum wage: 5.500 ₺
Discovered this channel only 2 weeks ago love all the videos. I'm from Tamworth also still live here. Off to antalya in few weeks for second time. Have been to calis twice stayed at the oykun Hotel x
How about the property price trend USD denominated.
Turkey is nor governed well for the last 10 years and our economy is terrible. But it is good for foreigners like from UK to buy properties. It is very silly to give citizenship for 250K, government is carving for dollars. And immigration policy is terrible, 10 million arabs came to Turkey which Turkish people do not want. Peopler of Turkey is not happy, worst of all time and will not vote again for current government. Here sir, you prepared a video that is not showing the whole picture at all.
So glad to hear you and Trudie are still doing well in Turkey, Mick. I was wondering how life has changed for you since the inflation. Thank you for sharing. I love your videos.
ülkemiz batıyor mick amca enflazyon olmuş %300 herşeyin fiyatı x3 x4 oldu.
Thank you for your optimist words…Some Eurpean dont want come to Turkey anymore..
Mick I am very impressed by your assessment of Turkish economy and I fully trust your findings.
They must have something similar to Democrats running their country into the ground too
For Turkish economy, Israel backed by US ,is responsible . May be there out there for a REGIME CHANGE.
Taxing luxury cars more than other cars makes no sense as workers make luxury cars too. I love Turkey but not your politics. Turkey is trying to attract productive people with the CBi program. Productive people like Mercedes Benzes. Taxing the rich helps only politicians.
en büyük hayalim abd'ye gitmek ve orada yaşamak
Wow that was just good all that information. We are coming to Turkey for the very first time at the end of October 2022 and it has took me 8 years to get my wife to come and I am looking so forward to coming to Turkey. We have booked a lovely small hotel in Side and has very good reviews and not one bad one. I am also looking forward to seeing what is around the Area. Thanks Mike and Trudie you are very good and I learned a lot with this video. Thank you from the Uk.
Love Turkey we always holiday there, but it seems the hotels are a bit pricey this year. Being 5 of us. Gotta a find a deal. Are favourite place is bodrum
I remember going to turkey when you got a million lira to the pound the only time I would ever me a millionaire
normally if you got inflation you raise the interest rate .it seems the government is happy with downfall in Turkish lira . this means export more at lower prices , attract more tourists with more liras to enjoy . the final winner is the workers .not the bank bond share holder .i am MSC business and management. this is odd in finance
Just left teaching after 2 months. Awful!
Bu dünyada iyi bir ekonomiye sahip olmak için 2 seçenek var. 1. Olanı Japonya veya Almanya gibi askeri gücün olmadan itaat etmek. 2. Seçenek zayıf ülkelerin insanlarını aç bırakarak {afrika} kaynaklarını sömürmek. Neden petrolü dolarla satın almak zorundayız. Neden ortadoğuya ihracat yapmak için İngiliz ihracat belge şartı var. Dünya düzeni artık değişmeli.
Thank you, Mick, for sharing your perspective. I wish I could listen to you commenting the recent news of Turkiye more often!
Everything will be great
Bizden daha objektif değerlendirmişsiniz teşekkürler Mick Amca.
Mick your 7 months old views of Turkish economy is very true when I look at Turkiye today.
2023 1 dollar – 20 lira…
I like how you are expanding your channel to include what is happening in Türkiye from a different viewpoint.
Hi Mick and Trudie, You are doing remarkable work for the country and in my view you are a Turk at heart and soul. Keep going and we will continue to support you. Turkey has some way to go and we are positive it will keep going. ❤
Türk ekonomisinin kriz durumu 16 yüzyıldan başlıyor, devam ediyor şimdiye kadar. Heran ekonomi resmen durabilir. Bir sürü faktör var.