TR Economy & Updates

[Saithan]

The hyperinflation on foods can be slow down by a new “tourism law’ to stop the “All inclusive” reservations. I will not imagine how much on food Türkiye chuck away every year.

While I understand your arguement, and would support it, IF our people weren't a bunch of opportunist pricks, who'd overprice everything and cheat tourists for as much as possible. And then whine when Greek prices are cheaper and probably treat tourists better.

I know I am generalizing, but I think it's important that the hotels as such offer a complete package that protects the tourists and offer a safe and good experience of our country, so they'll come back.

I was in Cesme, Ilica this autumn...

 

[Lool]

Lets share some good news
Amid the rapid, unprecedented, rise in the net foreign reserves
Turkey's net foreign reserves, including KKM, have officially turned positive

In other words, Turkey now can pay all of the remaining KKM accounts without resorting to swaps or debt and yet still have some money left

I still cant believe that Turkey was on the verge of bankruptcy, unless they sold their gold reserves, a year ago

Erdogan should build a statue for Mehmet Simsek, I swear

https://twitter.com/i/web/status/1854496872573833385

 

[Deliorman]

Everything is thanks to over- taxation on all honest working Turks from the middle and low-middle class who work like slaves so that some parasites can live comfortably on state budget wages and others that are not even paying their medical and electricity bills.

What a miracle.

 

[Huelague]

Everything is thanks to over- taxation on all honest working Turks from the middle and low-middle class who work like slaves so that some parasites can live comfortably on state budget wages and others that are not even paying their medical and electricity bills.

What a miracle.

Are you serious?

 

[B_A]

Lets share some good news
Amid the rapid, unprecedented, rise in the net foreign reserves
Turkey's net foreign reserves, including KKM, have officially turned positive

In other words, Turkey now can pay all of the remaining KKM accounts without resorting to swaps or debt and yet still have some money left

I still cant believe that Turkey was on the verge of bankruptcy, unless they sold their gold reserves, a year ago

Erdogan should build a statue for Mehmet Simsek, I swear

https://twitter.com/i/web/status/1854496872573833385

BTW even in the worst time,the GDP of Turkey still in growth and without any decline within these years.

We have 15666 USD GDP this year and maybe pass 20k soon.

As a comparsion Japan GDP gdp per capita was 49000 in 2012 but only 32000 in 2024,my japanese friends are sad that S.KOREA (36000 in 2024) has lag them so much.

 

[godel44]

Lets share some good news
Amid the rapid, unprecedented, rise in the net foreign reserves
Turkey's net foreign reserves, including KKM, have officially turned positive

In other words, Turkey now can pay all of the remaining KKM accounts without resorting to swaps or debt and yet still have some money left

I still cant believe that Turkey was on the verge of bankruptcy, unless they sold their gold reserves, a year ago

Erdogan should build a statue for Mehmet Simsek, I swear

https://twitter.com/i/web/status/1854496872573833385

Turkey was not on the verge of bankruptcy. The problem was high inflation, not a balance of payments crisis. Things would have to be really weird for a country to become bankrupt with such a low debt to GDP ratio.

 

[Rooxbar]

Lets share some good news
Amid the rapid, unprecedented, rise in the net foreign reserves
Turkey's net foreign reserves, including KKM, have officially turned positive

In other words, Turkey now can pay all of the remaining KKM accounts without resorting to swaps or debt and yet still have some money left

I still cant believe that Turkey was on the verge of bankruptcy, unless they sold their gold reserves, a year ago

Erdogan should build a statue for Mehmet Simsek, I swear

https://twitter.com/i/web/status/1854496872573833385

Without Şimşek, we'd be royally fucked. He has managed the crisis masterfully within his purview. But still @Deliorman's point stands that since he cannot touch the rent, wasteful overspending for useless stuff, giving huge contracts to their tarikat-holdings for 3x the reasonable price, and huge amounts of corruption in myriad ministries, he had to resort to over-taxation, and his taxation schemes were mostly on expenditure by middle-income families.

 

[Lool]

Turkey was not on the verge of bankruptcy. The problem was high inflation, not a balance of payments crisis. Things would have to be really weird for a country to become bankrupt with such a low debt to GDP ratio.

Bro, if Erdogan didnt reverse course when he was 74 billion dollars in debt, the country would have exploded

It isnt about inflation only; inflation is one of the byproducts of Erdo's economic endeavour since 2019. Thankfully, the recent loss in the local elections have been quite the decent slap on the face for him to wake up and leave the economy to those who actually understand economics

 

[Lool]

Without Şimşek, we'd be royally fucked. He has managed the crisis masterfully within his purview. But still @Deliorman's point stands that since he cannot touch the rent, wasteful overspending for useless stuff, giving huge contracts to their tarikat-holdings for 3x the reasonable price, and huge amounts of corruption in myriad ministries, he had to resort to over-taxation, and his taxation schemes were mostly on expenditure by middle-income families.

Its true that he resorted to over taxation as one of the means to regenerate income. However, lets not forget how he started to go after the mega corporations who were embezzeling money and failing to pay billions in taxes

The shameless tax list that Simsek revealed not long ago which is not only an ingenious idea but also showed how many major manufacturing and petroleum companies, whom had ties with the AKP, were bypassing taxes were significant. Such companies costed the govt billions of liras

Moreover, another campaign from the ministry of energy aimed at tackling turks/kurds whom are stealing electricity illegaly for free and forcing them to pay their money. I read reports that the amount of electricity being used illegaly in eastern municipalities alone is enough to power Istanbul and Ankara together

https://twitter.com/i/web/status/1854835349907746877

Simsek also started a campain to reduce ministries' useless spending, although it is still underperforming at the moment. But each lira helps at this point tbh

 

[Huelague]

The only real taxes Turks pay in Türkiye, is tax on oil.

 

[Rooxbar]

The only real taxes Turks pay in Türkiye, is tax on oil.

huh? we have like some of the highest VATs in the world.

 

[Huelague]

huh? we have like some of the highest VATs in the world.

VATs?

 

[I_Love_F16]

VATs?

Value Added Taxes. A tax you pay when you buy something or a service.

 

[UkroTurk]

Value Added Taxes. A tax you pay when you buy something or a service.

VAT plus Özel Tüketim Vergisi when you buy electronics .
Just VAT would be humane.


Currently interest rates are high as hell. People are gaining 4% per month for deposit but it is very dangerous at any moment we could face sudden devolution. There are people who have sold their cars even flats for investing in deposit 4% per month. İdıots just spend their money as if next year there would not be inflation.

 

[Saithan]

Value added tax, also known as KDV in Turkish

 

[Huelague]

huh? we have like some of the highest VATs in the world.

VATs in Germany is 19% or 7%. And every one pay them.

 

[Rooxbar]

VATs in Germany is 19% or 7%. And every one pay them.

How do you not pay VAT? It's 20% and 10% in Turkey. And then there's ÖTV, and then there's huge tariffs on many imported goods which are a form of import VAT tax effectively. Putting these three together, some imported goods cost 4x the price.

 

[Huelague]

How do you not pay VAT? It's 20% and 10% in Turkey. And then there's ÖTV, and then there's huge tariffs on many imported goods which are a form of import VAT tax effectively. Putting these three together, some imported goods cost 4x the price.

Do you know how big is the black economy messed on GDP in Turkiye?

 

[Rooxbar]

Do you know how big is the black economy messed on GDP in Turkiye?

The only real taxes Turks pay in Türkiye, is tax on oil.

 

[Huelague]

Round about 25%. You know what that means?