TR Economy & Updates

[Tornadoss]

We are not buying foreign weapons, we are making more and more of our own medicine. What else does a government spend money on. We only need to roll our existing debt. Once our existing indigenousation plans are realized we will have a very well balanced foreign trade. It is only 7 years to get there, give or take.

As if weapon acquisition is the main factor on Turkish foreign debt.

 

[Xenon54]

I think he meant maintenace and operational costs over 8 years


And normally these projects (for such costs to be justifiable) must cut similar costs in other sectors of the economy such as transportation time, fuel consumption, damagento the environment, urban pollution etc...,
These things will appear over time; only then will we know whether it was a good project or not

No i mean the model which the goverment choose to build this bridge, Turkey pays the consortium that build it a certain fee for the next 25 years and calculations shows that with the same money 8 such bridges could have been built if the goverment paid it directly instead of the B.O.T. model.

And another thing is, would you use a bridge if one crossing cost you 10% of the minimum vage? Currently its mostly used by lorries because they are required to use it and have no other choice.

 

[Xenon54]

As if weapon acquisition is the main factor on Turkish foreign debt.

Just let it be dude, you cant open the eyes of a person who is blind by choice.

 

[Tornadoss]

And what about central bank dollar reserves? They are at mines, no? The economy is not as good as you are painting.

 

[Turko]

Today President has admitted there are hungry people in Turkey and he also endorsed his responsibility -which is feeding the hungry -to opposition.

Siyasette 'aç olanları siz doyurun' tartışması! Muhalefetten Erdoğan'a sert tepki

Cumhurbaşkanı ve AKP Genel Başkanı Recep Tayyip Erdoğan'ın grup toplantısında kullandığı, "Millet açsa onları da siz doyuruverin” sözlerine muhalefet partisinden ardı ardına tepkiler geldi.

www.sozcu.com.tr

 

[Zafer]

You keep playing the three monkies.

We are talking economy not monkeys.

 

[Xenon54]

Today President has admitted there are hungry people in Turkey and he also endorsed his responsibility -which is feeding the hungry -to opposition.

Siyasette 'aç olanları siz doyurun' tartışması! Muhalefetten Erdoğan'a sert tepki

Cumhurbaşkanı ve AKP Genel Başkanı Recep Tayyip Erdoğan'ın grup toplantısında kullandığı, "Millet açsa onları da siz doyuruverin” sözlerine muhalefet partisinden ardı ardına tepkiler geldi.

www.sozcu.com.tr

Stop lying, according to @Zafer economy is just fine, even Erdogan is lying, there are no hungry people in Turkey.

 

[Zafer]

Stop lying, according to @Zafer economy is just fine, even Erdogan is lying, there are no hungry people in Turkey.

Garbage collectors have pretty good smart phones and all.

Erdoğan says "if there are hungry people then where are your projects to feed them" and the opposition has none. And they answer "you made them hungry" instead of saying "here are our projects".

 

[Tornadoss]

Yeah, because smartphone at that age is a luxury.

 

[Turko]

Stop lying, according to @Zafer economy is just fine, even Erdogan is lying, there are no hungry people in Turkey.

Yeah economy is great that's why They have risen special consuming tax on made-in-Turkey automobiles.

the SCT rate increased from 60% to 80% .

https://twitter.com/i/web/status/1402344711776518150

There is no money in treasure, they don't know how to milk people.

 

[Xenon54]

Garbage collectors have pretty good smart phones and all.

Erdoğan says "if there are hungry people then where are your projects to feed them" and the opposition has none. And they answer "you made them hungry" instead of saying "here are our projects".

Yeah yeah they have smartphone and what not, thats your only argument nowadays, phones are no luxury but a neccessity, you cant do anything official without a phone and a number in this day and age, it only appears luxury to you because of the prices in Turkey.
Get rid of that old people thinking and repeating the same old ''we had no shoes 50 years ago'' so what people had nothing 100 years ago, should we compare ourselves with that?

And your claim of no poverty in Turkey is laughable at best, Turkey hast the highest child poverty rate and one of the highes adult poverty rate among the OECD countries.
This data is from the times where economy was good in 2013 btw, its way worse now.

 

[Tornadoss]

Ok i will give you just one exsample. The following bridge will cost the state 8 times the original price in the next 25 years, just one single exsample of many.

View attachment 22524

This mentality has made the country bankrupt, it wont be fixed in the coming decades, forget your milkman calculation you guys just wasted the future of the coming generation...

İktidarın Zafer Havalimanı başarısı: 1 milyon 317 bin yolcu aranıyor

1 buçuk milyona yakın yolcu garantisi verilen, kamunun milyonlarını yutan büyük bir bataklığa dönüşen Zafer Havalimanı için alındığı açıklanan önlemlerle dört ayda 61 olan yolcu sayısı Mayıs ayının sonunda 641’e çıkartılabildi.

www.birgun.net

According to the news yearly passenger guarantee given by the state for Zafer Airport is around 1.318.000. So far 641 passengers used the airport so far this year. Last year 9605 passengers used the airport during the same period.

 

[Xenon54]

İktidarın Zafer Havalimanı başarısı: 1 milyon 317 bin yolcu aranıyor

1 buçuk milyona yakın yolcu garantisi verilen, kamunun milyonlarını yutan büyük bir bataklığa dönüşen Zafer Havalimanı için alındığı açıklanan önlemlerle dört ayda 61 olan yolcu sayısı Mayıs ayının sonunda 641’e çıkartılabildi.

www.birgun.net

According to the news yearly passenger guarantee given by the state for Zafer Airport is around 1.318.000. So far 641 passengers used the airport so far this year. Last year 9605 passengers used the airport during the same period.

And the guarantee is paid in Euro btw. you know there are people who comment like ''do you get paid in dollar?'' when asked about the devaluation of lira.
Seriously, why is everything so damn stupid in Turkey lately? The country as a whole just makes no sense anymore...

 

[Deliorman]

Even in the poorest places in Africa people have smartphones nowadays but to our AKP friends it’s a sign of wealth and prosperity and as long as you have one you shouldn’t ever complain about the economy.
People should be silent like sheeple and take all the beating and misery while living with scraps- Ağam bizi besliyi ya, Allaha şükür.

 

[Anmdt]

Garbage collectors have pretty good smart phones and all.

Erdoğan says "if there are hungry people then where are your projects to feed them" and the opposition has none. And they answer "you made them hungry" instead of saying "here are our projects".

One of the worst alibis to cover the mess up, i have seen so far, sorry.

There are hungry, low income, poor people, getting poorer day by day as Tuik hides the real inflation, more people starts to feed on garbages or near to expire or rot vegatables.

Ignoring the facts, does not make it go away. You are lucky if you are not experiencing poverty at this moment.

 

[what]

Yeah, because smartphone at that age is a luxury.

Having a fridge and or smartphone apparently makes you rich nowadays.

 

[Nilgiri]

Turkey Debt was brought up a bit earlier in the thread just now.

I would just like to add this, regarding the external debt:

I am assuming a whole lot has not changed too much since 2019, given 2020 was effectively a stasis year. But of course some numbers finalised/published later can turn out different, let us see.

From World Bank IDS:

Highlighted some parts for convenience.

The central government's external debt payments totaled $6.1 billion during the first four months of the year

Seems to be continuing at same rate as previous years. 4 months is a third of year, so we can expect about 18 billion repayment in total unless something ramps up/down later....but unlikely.

i.e purple boxes, in 2019....principal + interest (for public external debt) came to around 18.2 billion repaid back then.

So I think it helps to ascertain overall the situation now in 2021 is overall the same as it was 2019, so the assumption made has some basis when taken further:

some 829.54 billion liras ($100 billion) was external, it added.

This seems to be general govt debt only (i.e for regular govt spending).

For red box in 2019, one can see the general govt debt is also around 100 billion, but the total public debt (including govt owned corporations etc) is another ~ 24 billion on top of that to total public external debt of ~124 billion USD in 2019.

=========

It is to also be noted that:

A) (blue box), private sector is reducing its external debt (not necessarily a good or bad thing, it depends on which sectors are doing this and why). But it seems to be overall pressure effect-driven by Turkish foreign exchange sector weakening (credit rating etc) as raising money from abroad becomes harder and more expensive.

B) (Green box), Short term debt (1 year maturity or less) increasing at this rate like it is doing so (and largely wiping out the gains made by reducing overall long term debt) is very concerning for a current account deficit country.

Effectively Turkey is approaching nearly 30% of external debt being short-term (payable within the year with interest). I dont think I have seen any major country (with a CA deficit) having it this high. Short term debt is like pure sugar for carbs, it gives you the high quickly and seemingly cheap.....but overdo it and it can lead to high sugar levels in blood and diabetes.

C) (Maroon box) The debt ratios are in bad+worsening state, this is of real concern. This has overall been discussed in this thread before.

 

[Xenon54]

Even in the poorest places in Africa people have smartphones nowadays but to our AKP friends it’s a sign of wealth and prosperity and as long as you have one you shouldn’t ever complain about the economy.
People should be silent like sheeple and take all the beating and misery while living with scraps- Ağam bizi besliyi ya, Allaha şükür.

View attachment 22547

The difference is the donkey in the picture didnt choose that life.

 

[Saithan]

I think he meant maintenace and operational costs over 8 years


And normally these projects (for such costs to be justifiable) must cut similar costs in other sectors of the economy such as transportation time, fuel consumption, damagento the environment, urban pollution etc...,
These things will appear over time; only then will we know whether it was a good project or not

Xenon shared a picture of the bridge and explained the PPP model chosen by AKP and RTE. You can find many such projects. I am not sure, but I think one of the bridges were sold or was going to be sold to China (by the firm that held the "operational rights etc.).

Anyway I like to use the example of Kütahya airport. Now this airport would have cost only 50 mio euro to build, but the government sentenced Turkey to pay a lot more for this airport. Passenger guarantee etc. means taxpayers have to pay even if the airport is not used.

No matter how you cut it. The nation has gained absolutely nothing, but thrown money down the black hole dug by Government.

On a side note. We did establish a seed bank, I just don't know if it is functioning atm.

Türkiye Tohum Gen Bankası açıldı - Son Dakika Haberleri Bugün

Son Dakika Türkiye Gündem Haberleri - Dünyanın üçüncü büyük tohum gen bankası olan Türkiye Tohum Gen Bankası açıldı....

www.cnnturk.com

 

[Saithan]

Turkey receives $265M WB loan for safer, greener public buildings

Turkey is set to receive a $265 million (TL 2.27 billion) loan from the World Bank which will be used to bolster the strength of public buildings in the...

www.dailysabah.com

Just a reminder WB loan is not interest free either. So what's the point of taking this loan ? IMO it would be better to avoid taking foreign loan, but why bother pointing this out to some ppl.