TR Economy & Updates

[B_A]

he presidential decree approving Türkiye’s new Medium Term Program (MTP), which revised the country’s economic goals for the 2023-2025 period, was published in the Official Gazette on Sunday.

Prepared jointly by the Ministry of Treasury and Finance and the Directorate of Strategy and Budget, the program expects inflation to fall to 65% this year, 24.9% in 2023, 13.8% in 2024 and 9.9% in 2025.

Meanwhile, it it puts unemployment at 10.4% next year, 9.9% in 2024 and 9.6% in 2025.

According to the program, the Turkish economy is expected to grow by 5% in 2023 and 5.5% in 2024 and 2025.

Exports are also expected to grow, hitting $255 billion by the end of 2022, $265 billion in 2023, $285 billion in 2024 and $305 billion in 2025.

Strong domestic demand and buoyant exports helped Türkiye’s economy extend its hot streak and grow more than expected in the second quarter of the year, according to official data.

The government’s new economic program has prioritized production, growth and exports with a low-interest rates policy, aiming to achieve a current account surplus that is said to eventually steady the Turkish lira and cool inflation.

Rising prices helped drive spending while the falling lira helped drive exports. Exports of goods and services increased by 16.4% in the second quarter compared with a year ago in the chained linked volume index, while such imports increased by 5.8%.

The annual GDP grew to $828 billion in the second quarter from $793 billion through the previous three-month period, the data showed.

Household consumption added 13.6 percentage points to growth and foreign demand raised it by 2.7 points, according to bankers’ calculations.

The growth rate makes Türkiye the second-fastest growing economy in the G-20 after Saudi Arabia, whose GDP expanded 11.8% in the second quarter.

 

[Lool]

he presidential decree approving Türkiye’s new Medium Term Program (MTP), which revised the country’s economic goals for the 2023-2025 period, was published in the Official Gazette on Sunday.

Prepared jointly by the Ministry of Treasury and Finance and the Directorate of Strategy and Budget, the program expects inflation to fall to 65% this year, 24.9% in 2023, 13.8% in 2024 and 9.9% in 2025.

Meanwhile, it it puts unemployment at 10.4% next year, 9.9% in 2024 and 9.6% in 2025.

According to the program, the Turkish economy is expected to grow by 5% in 2023 and 5.5% in 2024 and 2025.

Exports are also expected to grow, hitting $255 billion by the end of 2022, $265 billion in 2023, $285 billion in 2024 and $305 billion in 2025.

Strong domestic demand and buoyant exports helped Türkiye’s economy extend its hot streak and grow more than expected in the second quarter of the year, according to official data.

The government’s new economic program has prioritized production, growth and exports with a low-interest rates policy, aiming to achieve a current account surplus that is said to eventually steady the Turkish lira and cool inflation.

Rising prices helped drive spending while the falling lira helped drive exports. Exports of goods and services increased by 16.4% in the second quarter compared with a year ago in the chained linked volume index, while such imports increased by 5.8%.

The annual GDP grew to $828 billion in the second quarter from $793 billion through the previous three-month period, the data showed.

Household consumption added 13.6 percentage points to growth and foreign demand raised it by 2.7 points, according to bankers’ calculations.

The growth rate makes Türkiye the second-fastest growing economy in the G-20 after Saudi Arabia, whose GDP expanded 11.8% in the second quarter.

Cough* INFLATION!* Cough

Whatever useless stats the govt announces, with inflation soaring high, the average Turkish citizen wont notice an improvement in lifestyle since inflation literally outshadows all these good data

I understand that raising interest rates will cripple the Turkish economy for 3 to 5 years but the govt needs to introduce a mechanism to solve Turkish current account deficit

It is truly ironic that a nation like Saudi Arabia that produces nothing but oil is having a better economy than nations like Turkey which manufactures cars, trains, cranes, and ships etc..... It just proves that as long as you arent energy independent, then you willalways be suffering in the current era...... Truly oil deserves its title of being the black gold

 

[Bmx98]

Cough* INFLATION!* Cough

Whatever useless stats the govt announces, with inflation soaring high, the average Turkish citizen wont notice an improvement in lifestyle since inflation literally outshadows all these good data

I understand that raising interest rates will cripple the Turkish economy for 3 to 5 years but the govt needs to introduce a mechanism to solve Turkish current account deficit

It is truly ironic that a nation like Saudi Arabia that produces nothing but oil is having a better economy than nations like Turkey which manufactures cars, trains, cranes, and ships etc..... It just proves that as long as you arent energy independent, then you willalways be suffering in the current era...... Truly oil deserves its title of being the black gold

It's not only about what you produce or not, it's also about what politics you practice. Saudis are tight US allies so they trade and cooperate with almost everybody without any restrictions and embargos meanwhile Turkiye has a thousand political adversaries, each one more powerful than the other and they all don't hesitate to attack Turkiye's economy.

 

[Huelague]

Representatives of foreign companies operating in Türkiye are urging a rapid modernization and expansion of the scope of the current Customs Union with the European Union, a long-awaited process that would comprehensively shake up economic relations between the sides.

The call came after a delegation of presidents of the Bilateral European Chambers of Commerce and Industry in Türkiye visited Brussels this week and presented a major report on improving trade relations between Türkiye and the EU.

The report assessed the benefits and impact of the revamped customs union between the two sides.

At a briefing on Tuesday, business leaders from Türkiye and EU countries spoke of the potential economic gains for both sides if such a review is undertaken.

“Everyone who will benefit from the future of Europe needs to take a closer look at Türkiye and invest in this country,” said Markus Slevogt, president of the German-Turkish Chamber of Industry and Commerce.

The modernization of the agreement could provide a “catalyst for a stronger relationship” between the EU and Türkiye, Slevogt noted.

The host of disagreements between Ankara and Brussels over recent years has been stalling the negotiations for the update of the customs union. A deeper 1990s-era trade agreement would be expanded to services, farm goods and public procurement.

The modernization would bring Türkiye fully into the internal market of the world’s largest trading bloc, allowing almost all goods and services to flow unhindered.

Slevogt said the current agreement remained insufficient and stressed that the update would see Türkiye contributing greatly to Europe in economic terms.

“When we think about the customs union, we have to expand it in a way that it not only expands the range of products it covers but that it also meets the needs of today’s trade,” Slevogt stressed.

He stated that with the investments made by European companies together with the customs union, Türkiye has become more integrated into Europe’s value chains, which as a result, enabled trade to multiply.

Slevogt said the expansion would be in the interest of both sides and would result in a win-win case.

Türkiye is the only non-EU country with a customs union agreement with the bloc. The deal was struck in 1995. In its Dec. 21, 2016 assessment, the European Commission proposed revamping the deal.

The current customs union agreement only covers a limited range of industrial products and excludes agriculture, public procurement, e-commerce and services.

The inclusion of these sectors is estimated to lift bilateral trade between Türkiye and the EU to over $300 billion, a substantial increase from the current $165 billion (TL 3 trillion).

“Türkiye has proven to be a reliable partner,” said Livio Manzini, president of the Italian Chamber of Commerce and Industry in Istanbul.

Stressing the global changes in geostrategic terms that have taken place, particularly in the last couple of years, Manzini said: “If you want to cut ties with China, there is no country other than Türkiye.”

He recalled that Türkiye was one the first country that signed a post-Brexit free trade agreement with the U.K., a deal that he said was negotiated during the coronavirus pandemic and within a few weeks.

“We are missing the train with the current customs union.”

For his part, Franck Mereyde, president of the Turkish-French Trade Association, said the trade agreement should be updated “immediately” to further develop trade relations between Türkiye and the EU.

He stressed that the negative news reports written about Türkiye in Europe were not in line with the facts, saying that a new strategy and framework should be established immediately for mutual trade.

Mereyde stated that with Türkiye’s commercial contributions, the EU would be stronger against China and could solve its logistical problems more easily.

Dailysabah

 

[Xenon54]

 

[TR_123456]

View attachment 47699

You're nr 1 on both sides.

 

[B_A]

View attachment 47699

btw heavy tax on iphone is not a bad idea

 

[Manomed]

btw heavy tax on iphone is not a bad idea

Its not just iphone you can't even get a pc anymore lmao even androids are expensive

 

[Xenon54]

btw heavy tax on iphone is not a bad idea

Everything has heavy tax in Turkey, even cucumber.

 

[Kedikesenfare]

View attachment 47699

Good. Our people don't deserve iPhones.

 

[Xenon54]

Good. Our people don't deserve iPhones.

How about android?

 

[Lool]

Wtf!?
Only 25% of energy payment in rubles? That is nothing significant tbh
Russia gave Turkey nothing at all

https://twitter.com/i/web/status/1570800739223744513

 

[Rodeo]

Wtf!?
Only 25% of energy payment in rubles? That is nothing significant tbh
Russia gave Turkey nothing at all

https://twitter.com/i/web/status/1570800739223744513

That last point in the tweet will bite us in the ass. There's too much at stake. The firsts that comes to mind is F110 and F404. Our most important projects could share the fate of ALTAY saga.

Edit: I didn't see the "non-Western" part in the tweet. But why would Turkey be the middleman between Russia and non-Western states? Why can't they trade directly?

 

[what]

I just saw a video of Erdogan and Putin walking arm in arm like brothers.

We're talking about the same guy that has bombed our troops in Syria, supporting Armenia vs. Azerbaijan and waging a war in Ukraine. Shameless.

 

[Kedikesenfare]

I just saw a video of Erdogan and Putin walking arm in arm like brothers.

We're talking about the same guy that has bombed our troops in Syria, supporting Armenia vs. Azerbaijan and waging a war in Ukraine. Shameless.

Aren't you supporting Turkey's EU membership?

 

[Lool]

I just saw a video of Erdogan and Putin walking arm in arm like brothers.

We're talking about the same guy that has bombed our troops in Syria, supporting Armenia vs. Azerbaijan and waging a war in Ukraine. Shameless.

Yup
And putin is walking arm in arm with the same person who is supplying TB2s that aided in killing around 40k Russian soldiers and severely injuring double that number. Hell, Russia lost in this 9 month war more than what the US lost in 10 years during the Afghan war

Just look at what happened during the exact same meeting

https://twitter.com/i/web/status/1570882628018143232

This is the filth of politics
Putin needs Erdogan to evade sanctions and Erdogan needs Putin for cheap gas and to keep Turkish economy alive

 

[Anastasius]

Wtf!?
Only 25% of energy payment in rubles? That is nothing significant tbh
Russia gave Turkey nothing at all

https://twitter.com/i/web/status/1570800739223744513

Turkey better be getting a hell of a discount on the price. Russia is at its weakest, you can literally bully them into pretty much anything now.

"Alright Vladimir, we'll help you transit goods but this better be coming with an 80% discount on gas and free delivery or the deal's off."

 

[Baryshx]

That last point in the tweet will bite us in the ass. There's too much at stake. The firsts that comes to mind is F110 and F404. Our most important projects could share the fate of ALTAY saga.

Edit: I didn't see the "non-Western" part in the tweet. But why would Turkey be the middleman between Russia and non-Western states? Why can't they trade directly?

Because non-western countries do not want to embargo from the USA and Europe, so it is a good idea to buy through Türkiye.

 

[Huelague]

Yup
And putin is walking arm in arm with the same person who is supplying TB2s that aided in killing around 40k Russian soldiers and severely injuring double that number. Hell, Russia lost in this 9 month war more than what the US lost in 10 years during the Afghan war
Don’t harm out Turkish brothers. The don’t now how politics works
Just look at what happened during the exact same meeting

https://twitter.com/i/web/status/1570882628018143232

This is the filth of politics
Putin needs Erdogan to evade sanctions and Erdogan needs Putin for cheap gas and to keep Turkish economy alive

 

[Glass🚬]

Yup
And putin is walking arm in arm with the same person who is supplying TB2s that aided in killing around 40k Russian soldiers and severely injuring double that number. Hell, Russia lost in this 9 month war more than what the US lost in 10 years during the Afghan war

Just look at what happened during the exact same meeting

https://twitter.com/i/web/status/1570882628018143232

This is the filth of politics
Putin needs Erdogan to evade sanctions and Erdogan needs Putin for cheap gas and to keep Turkish economy alive

looks like he is low key trolling putin, anyway, all these changing dynamics greatly increase turkish soft power. However, a full decline of russia isnt in turkeys interests and sooner or later they will recover and try another attempt in ee and scandinavia.