What’s more insane is that prices increased even more so you can get much less for that 32.7 liras compared to what you could afford with 2.8 liras back in 2015
Sorry komshu, but our destiny is already written. The politics in Türkiye had never been free, it always decided by foreign powerful cliques. And what they have decided for us is becoming just like Iraq, Kurdish separatists are getting stronger and Turkish nationalists are doing nothing about it. In fact they sometimes show meaningless reactions just to increase the resistance which ends up radicalize both Turkish and Kurdish nationalists. The number of religious groups are at its highest since the foundation of the modern republic. Our bureaucrats can easily say they want Sharia. We the progressivist people of Türkiye are now minority. If you support PKK and Kurdistan, everyone is supporting you, if you are supporting Sharia or Islamist terror organizations everyone is supporting you. But if you are a Kemalist who supports a uniter, secular, Turkish Republic then you are the biggest enemy. You might think why am I writing all of this, it is not because trying to explain to you. It is just, knowing all of these things makes me feel heavy. Today Türkiye is not ruled by mind but with emotions. So I prepared my tea and watching my beautiful motherlands last years…
@@ismailarmaganbeydogan doesn't help that a lot of the people that feel the way you do leave the country to escape the extremes on both sides.... I work with two brothers whose family feels the same way as you and got out to escape the politics. I don't blame them for choosing a life that works better for them, but it doesn't help with making changes in their home country.
@@ismailarmaganbeydogan As you know once upon a time our father said that, ''There are no hopeless situations, there are hopeless people I have never lost hope.'' so to speak, you mustn't accept these terms and be resilient against them. And always do not hesitate to speak and explain the situation to others. Tell me, if you don't burn, if I don't burn, how will the darkness turn into light?
@@Michael_Archer78 I am totally agree with you. That is why I am still working and improving myself and do what can I do as a single individual to improve my country. But while doing this, I can not act like here is a rose garden. I am just being realistic while still not giving up. Because there is no war that lost because of being unsuccessful, but because of giving up fighting.
@@YunusErenYılmaz Kesinlikle, zaten tam da bu yüzden elimden geleni yapıyorum. Biz cehalete karşı bir savaşın içindeyiz ve ben de hâlâ kendimce mücadele ediyorum. Fakat ne zaman televizyonu açsam, siyasetle ilgilenen önemli pozisyonlardaki kimseleri dinlesem kendimi koca bir "Güldür Güldür" skeci içinde hissediyorum. Her şey o kadar sürreal geliyor ki. Ben kendim inatla bir şeyler yapmaya çalışırken bazı siyasilerin "Öyle duyumlar alıyoruz ki..." veya "Ülke çoktan elimizden gitti." gibi sözlerini dinleyince deli oluyorum. Resmen her şey bitti biz de burada son kalan malları yiyoruz der gibi davranıyorlar. İşte bu yüzden de elimden geleni yapsam da realist olmadan edemiyorum. Biz kendimiz önemsiz çinko karbon vatandaşlar olarak elimizden gelenin bile üstünde işler yapsak da uçurumdan aşağı süratle gittiğimiz de yadsınamaz bir gerçek. Tabii söylediğiniz gibi, umutsuz durumlar yoktur. Biz damarlarımızdaki asil kan hareket etmeye devam ettikçe elimizden geleni yapmaya devam edeceğiz.
What you don't understand is that Turkish people have experienced inflation in almost every generation. It's like being immune to disease. It's the same situation in Argentina. People have now accepted that this is a part of life. They have no choice.
And Turkish people are taught a fake version of Islam where “fate” is blamed for hunger, faulty construction. Also a fake version of national pride where greedy supermarkets and foreign powers are blamed for every imcompetence of the government. So it’s all good. We are doing just fine.
Well at least Argentinians are not as stupid to keep reelecting the same kleptomaniac political party when it became evident that the "peronists" were the responsible for their economic struggles.
As a Turk, I lost hope long ago. This country is done. Actually, it was done in 2017 when people said yes to the presidential system in the referendum.
I am no friend of the economic policy of the AKP for the past ~13 years, but it is not like he didnt listen to professionals. He did, which is why he took the actions he did. The economy was heavly dollarized around 2011 with a massive dependency on imports. To transform the economy, massive investments were done on green energy and exports were heavly supported. Turkey just had a record-high quarterly report for this year. It is at an all-time high. This came at the cost of inflation and financial issues, but their strategy "did work and achieved its aim". They just have to fix the financial issue, they have caused in the first place, and Turkey is rolling hard. Nominal GDP is already on the rise for 2-3 years now, minimum wage is increasing again (in USD/Euro term) and inflation should be under control in 1-2 years.
It's funny how almost ALL of this also applies to the Nigerian government in terms of rates, carry trades, battle of the currency vs USD and the results. Politicians need to learn to leave monetary and fiscal decisions to actual technocrats.
I think in principle thats true but a lot of technocrats still have ideological or other forms of positions that are not just techncratic. Look at the neocolonicalist effects that institutions like the IMF have, that's not an accident and its not purely technocractic either.
@@willhudson5625that level of absolutist argument really have no legs to stand on, since the very premise of a person is their ability to be subjective; to expect zero ideology whatsoever (the concept of independent central banks, for all intents and purposes, is quite liberal - classical liberal) from technocrats is completely unreasonable. The whole point of a technocrat is to make practical decisions according to the agenda and interest of their nation, and most of them excel on that aspect. The central bank of my country had done a good job with its conservative policies thus far (especially after the economic trauma caused by the dictatorship's irresponsible spending). Also, how is the IMF colonialist. Is it because you're too entitled to money of other nations that you want funding but not the stipulations?
Makes me think of Japan and China. Japan had kept their interest rates at around 0% since 1999, ending this year. China's real property bubble had been predicted to burst since the early 2010's and finally crashed not long ago. Probably many more examples of such in history. It make me realize that people have an incredible ability to persist through, slow down, and postpone disasters. Not that such is a good thing, because they're prolonging problems and not solving them, while ordinary folks are the ones who suffer the brunt of it. So I expect Turkey's economic problems to drag on for a _long time_ thanks to Erdogan.
@@larryc1616 Argentina is now recovering. Brazil is now the 8th largest economy in the world. Turkey has a very good geographical position between Asia and Europe, what hurts it is that its brains go to Europe. Argentina and Brazil, despite being underdeveloped, received migration from even poorer countries like Venezuela or Bolivia.
@lif6737 Turkey was a real Superpower for many centuries, But, from 17th century, Westerners boosted their economies, and Turkey couldn´t find a way until now.
It’s frustrating; our level of current technology suggests that with good data on population and spending, a proper taxation and trade policy should be only a few clicks away.
@@owenlindkvist5355 The quote was originally 4: Developed, underdeveloped, Japan and Argentina. First two are self explanatory, but no matter what Japan does, they will always be economically prospering. No matter what Argentina does, their economy will spiral.
Every country except for Luxembourg. Though I do find it amusing that so many online videos have people saying that Germany is collapsing around the same time that the German economy surpassed that of Japan to become the second largest economy in the world out of 200 or so countries with the only two countries to have bigger economies being countries with vastly bigger populations. Unlike the people putting out online videos the vast majority of the world's population wish that their country had an economy like that of Germany.
As an argentinean let me tell you what's wrong with following the economic framework written by "experts" from US, UK, Canada and Europe: they don't have a bimonetary economy. The measures taken by Turkey are great on paper, but in the reality of a country with more than a decade of inflation and devaluation, it will only fuel future problems. The loop works like this. - Central bank raises rate - This freezes the economy (taking debt for investment is more expensive), but increases endogenous monetary emission. - The high rates attracts carry trade funds, but like the video states, those are highly volatile - That monetary emission acts as a time-b'mb against a future run against the lira At some point, the inflation persist (because they haven't attacked the main cause of it which its running state deficits and cutting all forms of monetary emissions), a devaluation happens, the carry stops, and all those lira's that were "sleeping" betting on future rates, suddenly run against the dollar, causing a major devaluation event, and even more inflation. The true solution is more similar to what Milei is currently attempting, or to what ecuador or menem attempted before him. You have to stop all forms of state deficits, and find a way to peg the dollar or just dollarize. That way you "attack" both sources of trouble: the fiscal deficit and the trade/account balance deficit. You also have to find a way to deregulate your failing economy, opening to investment and trade. It's not easy, it's not simple, it's not fast, it's not pretty. But it's what works better in this type of economis.
@@cl8804 I would say Turkey needs to pay attention to what didn't work in Argentina more than what Milei currently does, since he's only 6 months in and with the entire corporate state against him. What Turkey is doing now, has already been done there, and it doesn't work.
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@@MS-ql8ek I think that Turkey joins BRICS because Turkey needs in any kind of financial resources. I suppose they hope that they will be able to get credits from China.
they have a problem with stable exchange rate not economy, so actually they don't have any problems other than people aren't using their money to buy stuff , other than they are growing and actually part of the problem is the west trying to make the economy look bad even it's isn't by making the Turkish lira wake , so people will se it and think that the economy it self is bad to make the current pm lose which did work somehow 😂 i didn't believe that Turkish people are that stupid
@@shafsteryellow Growth that is devalued by a plummeting currency and inflation is not growth. Except on paper. Economic growth is reflected in the standard of living eventually. In the case of Turkey, this growth was reflected in the well bring of the AKP oligarchs and the rich. The middle class of Turkey that Erdogan helped shape in the first half of his tenure is all but gone. Wages plummeted, pensions plummeted, cost of living increased, imports became more expensive. More and more Turks are now going to work abroad even in countries where they would usually not go to work, but do business.
@@shafsteryellow erdoğan puts theologian (ilahiyatçı) on every institution, if elon musk was turkish and he critisized government he would KAYYUM him and put a theologian insted of him.. no matter which school you finish in turkey, doesnt matter, a theologian is allways more powerfull and "jack of all trades" .. and guess what, they actualy not, and ruined turkey.. thats why erdoğan is bad for turkey
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Okay guys here is the hint: If the tax collector aka Mehmet Simsek stays in finance ministry okay Turkey will do classic economic approach( tax the poor,suck the rich) crisis will die in 1-2 year. The balloons are popping and country will have better time. But until that time Turkey’s citizen will have hard times. The only risk is Erdoğan’s joy of kicking ministers. So Mehmet Simsek is the key
@@e.v3832Only if you consider the Ottomans to be Turkish instead of Ottoman. Turkey was founded by Ataturk, just as Italy didn’t start with Rome, Turkey didn’t start with the Ottomans.
@@mormacil that's not a correct compare since Roman Empire fall in 1453 while Italy founded around 1800s which is not direct continuation while Ottoman Empire fall in 1922 and Turkey founded in 1923 , so Turkey is direct continuation or successor of Ottoman Empire
@@e.v3832 It's a successor yes, hence not a continuation. Just as all the other former Ottoman territories are successors. The Ottoman Empire was Ottoman in culture, not Turkish. The loss of power and administrative power to the Allies made a continuation impossible. The Empire was also partitioned all the way back in 1915, years before Turkey was formed. Turkey fought a war of independence from the remnants of the Ottoman state, so its at best a successor holding a minority part of the pie.
I am from Pakistan, the interest rate is now 20.5% and most businesses are collapsing due to higher interest rates. our gov is planning to reduce interest rates in the upcoming years. but I never thought that a country like Turkey's interest rate would be double ours. it's a very terrible situation for the Turkish people. I hope their economy will recover and Erdogan will be able to hire good finance officers.
He fired all the good ones because they were not following Islam. Turkey has to raise rates as a counterbalance for all the years erdogan kept the rate very low
@@darkprofile Islam gave the best financing system in the world. but the problem is that how much you are honest and are loyal to the system. so please do not blame Islamic System. your own incompetency is the cause of the system failure. do not blame the Islamic System.
@@thebestmoments2105 It cant be the best system. A system can't be built on human's honesty. A system which comes from God can not fail! Look at islamic countries they are all fail in economy.
We were in Turkey in 2018. We shipped our yacht to Fethiye on a yacht carrier from Thailand. We hauled out at a yard which turned out to be absolutely CROOKED. The owner kept insisting on payment IN CASH in USD or Euros. The only way we could pay him in those currencies was by bank transfer which he was not keen on for obvious reasons. If we went to a ATM, we could only get Turkish Lira, which he was equally not keen about. So, we reached an impasse. We sold our home of the last 10 years to an English buyer who was then able to settle the boatyard account in Pounds which were equally acceptable. It seemed to us that the notion of paying income tax in Turkey was akin to heresy!!!!
I seem to recall a comic strip from the 1970s in which a political leader gave a press conference in which he announced that the economic crisis was over because (according to him) the crisis had been going on so long that it could no longer be considered to be a crisis - it had become the normal state of affairs.
Turkey has so much going for it. It’s unique location between West and Middle East. It’s neutral stance between West and Russia. Tourism. Natural resources. And all it takes is a terrible Government to drag it down.
You can't be neutral while part of NATO my dude. Erdogan is just pretending to be independent, but if push comes to shove, he will bend over like the rest.
@@hendrxthat’s a common understanding but I’m not sure it’s on the money. Erdogan’s patronage / corruption networks are all tied up in construction. Low interest rates are good for the construction industry: more money for his buddies
Raising rates is just slapping a band-aid on a wound. When constaly spendding money you dont have, it can become impossible to recover. Raising rates doesnt reduce inflation it delays it. Much like a band aid if the wound is to big, the bleeding wont stop.
Frankly speaking Turkish companies seems stronger than ever with increased exports and doubling down of foreign companies investing in production plants to take advantage of low salaries. This said the are instability and problems for sure but visiting Turkey situation seems much better compared to what they depict.
Exports are mostly fake and trumped up, *but* there's at least a chance of being a manufacturing hub. However to do that right, you need to be business and investment friendly, and stable... And that's not proven yet.
I am in Turkey right now away from touristic areas, it’s not much different than 6 years ago, but there are more scams and hatred towards foreigners than before.
@@tomatom9666 Could it be because of the flow of immigrants that came to Turkey within 10 years ? And they are becoming a huge burden for Turkish economy. Why are people coming to Turkey of there is an exonomic crisis ?
this is exactly why a lot of turkish citizen bought gold and still do buy gold. inflation has always been a part of turkey and will continue to do so. it saddens me to see my home country like this and that while there is HUGE untapped potential. just the spot on the world map is enough for a thriving economy. sea on north/south land on east/west. basically functioning as a "bridge" between eu and asia. damn bro really sad
@@TurquazCannabiz Doesn't change the fact that he's likely spinning in his grave. Probably started when Erdogan destroyed his tree park to build that "presidential palace" of his. What a way to spit on someones legacy, holy heck.
@@Magneticvortex-kk4gb He was born into a Turkish family in the Balkan Province of Salonica. You can vomit your disgusting hate onto something that makes sense with your broken mind. We are Anatolian, we have a land in Europe and we are here to eternity. Cope.
More and more research and practical examples show that autocracies and/or populist leaders act as a brake on the economy, of which Turkey is a very good example. Hopefully people will understand in time that following a "strong" leader not only costs us hard-won freedoms, but can also hit us hard in the wallet.
There are a few adherents of Monetarist Theory who don’t recognise it has some very severe limitations, the Theorists aren’t United on the means of “adjusting” the practise of the Theory. In Turkeys case, the government has the power, but not the brains, to take the correct path.
The funny thing in all of that is that Erdogan is still under the illusion that turkey could return to its chaliphet days and serve as an example to the rest of the muslims. We have a similar guy here in israel, named netanyahu.
Where did you get the graph at 4:30 from? Because I distinctly remember the turkish lira in 2014-2019was trading significantly better than what you show here. A quick google search confirmed my suspicions. The graph should have a very strong increase in 2020-2024, while before that is more like a flat line / slow rise.
Yes, you are right. The graph TLDR show is wrong. Most of the decrease in the Lira happened after 2021. Disappointing they cannot get this basic information correct which is easily available online.
@@JJ-io4peTurkey should just ring one of those commercials that go: "You have multiple debts? Why not consider solidifying them into one manageable loan?"
of course they did! And at the same time poor turks were proud of their exports. So Erdogan managed to keep both the winners and the losers happy. He knows his audience.
Uncontrolled prices domestically means the people's buying power is still declining almost weekly. It won't matter what the government does, as long as -The Big Man Who Shall Not Be Named- doesn't enforce the law, at some point the bubble is going to burst and what is left of the economy is going to crumble.
Inflation is the worst type of taxation on the population, because destroys the low income, while rich people could save using Dollars or Euros. Poor people who receive salaries on Liras, are the principal victim of this policy. It is the same as what happened in Argentina.
Living in Turkey is like living in a dejavu and each time it gets worse. The major part of the problem besides corruption is how people support the political parties with soccer fans’ mentality. Ideology > Reality
I think you don't live in Turkiye cuz people is not supporting footbal anymore thats why huge stadiums are demolishing and it applies parties also. There is institutization going on right now and political parties and movements are losing the support of people.
@@i-qwery well, it is good to hear that you still have hope. See you after another 20 years. I bet we will still be talking about same issues as long as ideology> reality.
For most countries, I feel bad for the people suffering from inflation or other economic problems. Turkey on the other hand I have zero care lol...they literally voted for this. Sometimes it seems they hate the very thing that made them great but love everything that makes theocracies despots.
Yeah fair enough, polarized people causes stupid autocrat politicians. But now Erdoğan aka defender of Islam have alternative in Turkey and the alternative party even got %7 in their first mayoral election especially in the Erdogans castle cities. So things can be little change? Damn two sided politics; Islamists vs Europe’s dogs. Now islamists have alternative i hope we will find alternative for this stupid opposition
Erdoğan won the election by only 1,5% votes of the population. Considering how much control he has on media and jurisdiction that’s pretty low. Basically because of a minority of religious morons, young secular Turks suffer the consequences. I think Turkey would be on a completely different path, if Europe had supported the opposition in Turkey instead of ignoring it.
During earlier episodes of hyperinflation (the 1990s), decline of the value of the lira had more or less the same pace as inflation. For a year now the lira is relatively "stable" but prices continue to rise. Meanwhile salaries and pensions hardly increase. That is why this crisis causes great hardship to the larger part of the Turkish population and compared to other countries prices reached insanely high levels. Tourism, one of the main sources of income, suffers, as foreign tourists find Turkey expensive and stay away. It is difficult to see how the lira can be held still longer on the same level. And if it value decreases again, then the "investment" in the form of the "carry trade" will collapse.
Don’t know if a current account deficit is negative perse: it just shows that a country can attract (current) savings from other countries in exchange for (capital) returns later. How the current account deficit is used, is more important: are the foreign savings consumed or invested into (productive) assets?
Greetings from Turkey, there is no problem, everything is fine, there is a little bit of a shortage but nothing extreme, we get a minimum wage of 600 dollars and our people want the state to pour food in their mouths, that's the truth.
I have no idea how Turkey still manages to increase it's gdp. How is this possible with this kind of inflation and currency problems. It is one of most interesting country in the world.
Dear TLDR team, your female colleague (I wish I knew her name) on the global news channel has an excellent skill at pronouncing non-English words and names correctly. Please do ask her how to pronounce some of the foreign names before you shoot a video. You can clearly do better.
The main challenge is the current global financial system, from which Turkey, like any other country, wishes to break free. While your video focuses on Turkiye or any other country, it fails to consider the bigger picture.
I can't believe you're still interested in Turkey's economic situation after making 76,937 videos. As a Turkish citizen, even I don't care about it anymore.
Completely useless to talk about the Turkish economy without mentioning the influence of religion. When you have a leader of a country who wants to run everything according to a book from the Middle Ages...
Nothing is unfixable. Especially for a country situated in the heartland where at least 3 former great empires flourished. The problem with Turkeys economy seems to stem from economic statism, which has persisted from when the republic was first formed. That's the idea that the government should actively try to mould the economy. While this has it's benefits, it severely limits the ability of an economy to self-correct.
As others have noted, that graph of lira to dollar since 2014 is wildly inaccurate and should have been corrected. When I was in Turkey in 2017/18, the lira averaged between 5 and 6 to the dollar, not the 16 to 18 this graph shows. Everything was very cheap for me exchanging dollars but now, even with the 6x rise in dollar value, it isn't enough to keep up with runaway inflation and I'm amazed how expensive everything is, even with dollars. My friends in Istanbul can't keep up with inflation and their lives have become very difficult. Now they have to move because their building has been condemned as seismically unsafe. They have no idea how they're going to find a new place, let alone afford it.
Boys, a current account deficit is a financial account surplus (claims on foreign assets). Think in terms of double entry accounting, and you won't make these errors. 3:10 - Inflation had little to do with the mayoral election losses across Turkey, since these Inflationary pressures have been there since 2018 at least. It was a message from the people that they won't tolerate non-intervention in the Gaza genocide.
You read the situation wrong. It is nothing to do with Gaza, it's local elections. Retired and poor people had enough and voted for opposition because government started to address the economic crises after the general election and it affect mostly those people. People check their pockets before voting in this country.
@@BOZ_11 The economy was somewhat okay before general election because of the economic policy, which is low interest rate and consumer focused policy. It is a handy policy if you want to feel good for a little time but get a massive hangover-like effect afterwards(it's like alcohol). Which is what's happening right now. They u-turned after winning the election and squeeze people, because they can't use this policy for a long time. it will devastate the economy even if it feels good. So the u-turn of economy started to repair the country's financial problems but make people miserable at the same time. This is clear as a summer day in Turkey. Why do you insist of arguing like it's not, I really hard to understand that. You think retired people are happy about their pay but vote for opposition because they upset about Gaza? All research data show these statistical fact as clear as Maldives beaches. It is not my argument, it is a fact that I am merely stating it. It is not a debate man stop propagating like something else.
@@TheNoronist rubbish, the general election was just over 1 year ago, and inflation was over 80% mere months before said election, much worse than the 68% during the mayoral elections
As a Turk, I feel very comfortable. Our economy is constantly fluctuating not because of this wrong policy, but because we do not bow to the West. I want to say this to those who confuse us with Argentina. This is Türkiye, not Argentina. Rest assured, we have charted our path and are moving forward. When you see where Turkey has reached after 20 years, you will understand our greatness better.😊
The Turkish people invest in gold when the economy is good and use it when the economy is bad and spend it slowly and everything is recovered in this period. This is our little secret 🇹🇷😂
As a Turkish I believe the Mehmet Şimşek, he is know what to do in every sense. If Erdogan make him minister in the past Turkey never fell in the crises too
mehmet şimşek is like a mother trying to tidy-up the house while, 1000 of spoiled kids braking and ruining the house at the same time.. there is no mother or an economist that talented in the world
Thought the reason he was opposed to raising interest rates was religiously based. Understood that Muslims oppose loans with interest, it’s usury which is not allowed.
@@modo2213it’s not, but I see what he means. Look at and Islamic state. Pretty much none of them are good places to live and their ussully dirt poor due to priorities like woman can’t work because they can only be accompanied by their husband. That right there cuts half your work force and stifles growth. Putting religious values above reason is common in places like Pakistan for example. The only real exception is Indonesia but even they are supplemented largely by Chinas investment in them.
@@modo2213 it is what's happening turkey 🦃 intentionally kept interest rates low because interest was a haram or whatever non sense in an Islamic state which ruined the economy.
@@domenico_ginny6164even in the middle ages Muslims were poorer than religious minorities in their own countries 🤦♂️🤦♂️🤦♂️ economists already analyzed and there are TONS of problems in their religious laws regarding economy.
Turkey do not produce enough fuels, or ore or raw products like cotton, etc. Turkish industry turn wheat into pasta and export it, the wheat that had been mostly imported, or assembly cars that had been designed, and produced abroad etc. or make cloth from imported Petroleum and cotton products. Turkey has industry, even at the end of Ottoman empire it had a kind of house based production. And today I think Turkish industry is not that bad. But most of the industry require imports of fuels, semi finished products, designs and raw products. We don't produce enough patents and Designs etc. We don't have vast agricultural lands like Russia, or USA, or rain fed grasslands like North Europe. Actually Turkey has everything but not at sufficient amount. What should Turkey have done was to develope more solar, wind, hydro or nuclear power to reduce energy imports. Develope and advertise more electrical cars, use policies like land merging (to create larger and efficient farms) and subvantions to increase efficiency in coastal irrigable plains(maize yields are still low, like 1.5 ton per dekar, it can be increased to 2 tonnes easily, and up to 4 tonnes). Greenhouse agriculture is good, we export a lot of fruits and vegetables, and the greenhouse farmers are happy, the most importantly. We should not lose the skilled workforce( it is both about the economy and also the policies, in 90s the economy was bad, but people were not planning to leave the country that much), most people wish to emmigrate to germany and usa. I have many friends who had been accepted to a master program in Italy or Germany and stayed there after they graduate. We are being drained of skilled workforce,the human capital, the most important capital. And tourism, trade etc should be increased. If Turkey manage those, than the reduced imports can be balanced by finance, trade, tourism and income from designs, movies, brand rights etc
Turkiye's Economy is growing every year and the minimum wage did a 3X in USD in 15years. The only reason TL is losing against usd is because the US is using the dollar as a weapon. Still Turkiye is making big steps in every sector.
There are 5 types of countries: developed, undeveloped, japan, argentina and Turkey
The list grows once more
@@domenico_ginny6164 United Kingdom should be added to this list soon.
@@domenico_ginny6164 United Kingdom is the new member to this list of funky economies
@@domenico_ginny6164 now you can add the UK lmao
yeh bardiya tha guru
You can't enter a second crisis if you never left the first one.
*taps forehead*
It is possible, this is called Erdonomics
bruh this guy would be praising the miraculous economic recovery if turkey had a pro western government, you cant trust him for sh1t
@@athan6385No, he is an economist, he says so :D
@@savme37mixed with religious theocratic indoctrination in that, erdogan seems to think everything will fall into place .
I visited Turkey in 2015 and $1 = 2.8 lira, it's now $1 = 32.7 lira. Absolutely insane.
What’s more insane is that prices increased even more so you can get much less for that 32.7 liras compared to what you could afford with 2.8 liras back in 2015
1 new Turkish Lira = 1 million old Turkish Lira
I bought guitar for 500 $ when exchange rate is 4.5 lira it costs me 1680 ₺ now same guitar is above 20k turkish liras
Best of wishes to Turkish people from a Greek. Economically healthy neighboring countries are to the benefit of us all.
Sorry komshu, but our destiny is already written. The politics in Türkiye had never been free, it always decided by foreign powerful cliques. And what they have decided for us is becoming just like Iraq, Kurdish separatists are getting stronger and Turkish nationalists are doing nothing about it. In fact they sometimes show meaningless reactions just to increase the resistance which ends up radicalize both Turkish and Kurdish nationalists. The number of religious groups are at its highest since the foundation of the modern republic. Our bureaucrats can easily say they want Sharia. We the progressivist people of Türkiye are now minority. If you support PKK and Kurdistan, everyone is supporting you, if you are supporting Sharia or Islamist terror organizations everyone is supporting you. But if you are a Kemalist who supports a uniter, secular, Turkish Republic then you are the biggest enemy. You might think why am I writing all of this, it is not because trying to explain to you. It is just, knowing all of these things makes me feel heavy. Today Türkiye is not ruled by mind but with emotions. So I prepared my tea and watching my beautiful motherlands last years…
@@ismailarmaganbeydogan doesn't help that a lot of the people that feel the way you do leave the country to escape the extremes on both sides.... I work with two brothers whose family feels the same way as you and got out to escape the politics. I don't blame them for choosing a life that works better for them, but it doesn't help with making changes in their home country.
@@ismailarmaganbeydogan As you know once upon a time our father said that, ''There are no hopeless situations, there are hopeless people I have never lost hope.'' so to speak, you mustn't accept these terms and be resilient against them. And always do not hesitate to speak and explain the situation to others. Tell me, if you don't burn, if I don't burn, how will the darkness turn into light?
@@Michael_Archer78 I am totally agree with you. That is why I am still working and improving myself and do what can I do as a single individual to improve my country. But while doing this, I can not act like here is a rose garden. I am just being realistic while still not giving up. Because there is no war that lost because of being unsuccessful, but because of giving up fighting.
@@YunusErenYılmaz Kesinlikle, zaten tam da bu yüzden elimden geleni yapıyorum. Biz cehalete karşı bir savaşın içindeyiz ve ben de hâlâ kendimce mücadele ediyorum. Fakat ne zaman televizyonu açsam, siyasetle ilgilenen önemli pozisyonlardaki kimseleri dinlesem kendimi koca bir "Güldür Güldür" skeci içinde hissediyorum. Her şey o kadar sürreal geliyor ki. Ben kendim inatla bir şeyler yapmaya çalışırken bazı siyasilerin "Öyle duyumlar alıyoruz ki..." veya "Ülke çoktan elimizden gitti." gibi sözlerini dinleyince deli oluyorum. Resmen her şey bitti biz de burada son kalan malları yiyoruz der gibi davranıyorlar. İşte bu yüzden de elimden geleni yapsam da realist olmadan edemiyorum. Biz kendimiz önemsiz çinko karbon vatandaşlar olarak elimizden gelenin bile üstünde işler yapsak da uçurumdan aşağı süratle gittiğimiz de yadsınamaz bir gerçek. Tabii söylediğiniz gibi, umutsuz durumlar yoktur. Biz damarlarımızdaki asil kan hareket etmeye devam ettikçe elimizden geleni yapmaya devam edeceğiz.
What you don't understand is that Turkish people have experienced inflation in almost every generation. It's like being immune to disease. It's the same situation in Argentina. People have now accepted that this is a part of life. They have no choice.
Cause of the 90s and 2001 crash, plus military coup every 15 years. We are so used to it it’s sad
And Turkish people are taught a fake version of Islam where “fate” is blamed for hunger, faulty construction. Also a fake version of national pride where greedy supermarkets and foreign powers are blamed for every imcompetence of the government. So it’s all good. We are doing just fine.
Well at least Argentinians are not as stupid to keep reelecting the same kleptomaniac political party when it became evident that the "peronists" were the responsible for their economic struggles.
they HAD a choice to not vote for erdogan in the last elections but they did. they just love eating shid.
Turkey had double digit hyper inflation every single year for 20-25 years before 2002, and returned to single digit for about 10- 15 years
As a Turk, I lost hope long ago. This country is done. Actually, it was done in 2017 when people said yes to the presidential system in the referendum.
Turks should return to free market capitalism.
hayat bitti türkiye’de abi
Her şey çok güzel. Boşuna milletin önünde şikayet etmeyin.
@@hasanm843 Fahrettin sen misin?
@@rankedaura Europe is economically devastated and based on the theft and wealth of Africa's money.
>10yrs
now if only erdogan had started listening to the professionals way back then.
but nooo, he knew better.
Wrong
I am no friend of the economic policy of the AKP for the past ~13 years, but it is not like he didnt listen to professionals. He did, which is why he took the actions he did. The economy was heavly dollarized around 2011 with a massive dependency on imports. To transform the economy, massive investments were done on green energy and exports were heavly supported. Turkey just had a record-high quarterly report for this year. It is at an all-time high. This came at the cost of inflation and financial issues, but their strategy "did work and achieved its aim". They just have to fix the financial issue, they have caused in the first place, and Turkey is rolling hard. Nominal GDP is already on the rise for 2-3 years now, minimum wage is increasing again (in USD/Euro term) and inflation should be under control in 1-2 years.
This is what you get when you vote for a mentally backward conservative.
@@shafsteryellow Correct.
@@justsefa1843that's BS, him thinking rising interest rates is anti Islamic brought him here
It's funny how almost ALL of this also applies to the Nigerian government in terms of rates, carry trades, battle of the currency vs USD and the results. Politicians need to learn to leave monetary and fiscal decisions to actual technocrats.
The trillion dollar economy it was a decade ago😂
th-cam.com/video/Ayi-FD53vkw/w-d-xo.htmlsi=PeVJrzVfWp7mRCd3
Nigeria's inflation rate is still a lot lower than Turkey's. And I don't think they have refused to hike interest rates due to religious reasons.
Same for south africa🙄
I think in principle thats true but a lot of technocrats still have ideological or other forms of positions that are not just techncratic. Look at the neocolonicalist effects that institutions like the IMF have, that's not an accident and its not purely technocractic either.
@@willhudson5625that level of absolutist argument really have no legs to stand on, since the very premise of a person is their ability to be subjective; to expect zero ideology whatsoever (the concept of independent central banks, for all intents and purposes, is quite liberal - classical liberal) from technocrats is completely unreasonable. The whole point of a technocrat is to make practical decisions according to the agenda and interest of their nation, and most of them excel on that aspect. The central bank of my country had done a good job with its conservative policies thus far (especially after the economic trauma caused by the dictatorship's irresponsible spending).
Also, how is the IMF colonialist. Is it because you're too entitled to money of other nations that you want funding but not the stipulations?
I thought Turkey was permanently economically collapsing at this point?
It's codswallop. Their economy has grown every year for decades
They still voting erdogan of course it end up the same
It's the Peter Zeihen point of view on all. Everything is collapsing and never returning to strength and america will forever be perfect. Fun stuff
@@shafsteryellow so you don't know shit about economics, just say that
Makes me think of Japan and China. Japan had kept their interest rates at around 0% since 1999, ending this year. China's real property bubble had been predicted to burst since the early 2010's and finally crashed not long ago.
Probably many more examples of such in history.
It make me realize that people have an incredible ability to persist through, slow down, and postpone disasters. Not that such is a good thing, because they're prolonging problems and not solving them, while ordinary folks are the ones who suffer the brunt of it.
So I expect Turkey's economic problems to drag on for a _long time_ thanks to Erdogan.
Them losing 2-1 to Poland is the straw that broke the camels back
Wolves!
@@e.v3832no the hussars are still beating them
😂😂
@@mjbaricua7403 🤣it's just a friendly game, not a big deal, good luck in your hard euro group🤣
@mjbaricua7403 at least we didnt get 2 times partitioned in less then 150 years
Honestly, we’ve been in a perpetual state of crisis and decline for years at this point.
Couldn't be worse than Argentina?
@@larryc1616 Argentina is now recovering.
Brazil is now the 8th largest economy in the world.
Turkey has a very good geographical position between Asia and Europe, what hurts it is that its brains go to Europe.
Argentina and Brazil, despite being underdeveloped, received migration from even poorer countries like Venezuela or Bolivia.
@lif6737 Turkey was a real Superpower for many centuries, But, from 17th century, Westerners boosted their economies, and Turkey couldn´t find a way until now.
@rempseaheinamies9414😊😊Don't wait for us to finish. we don't end
@@DavidCelestialKnightDon't worry, we will definitely find it 😊
It’s frustrating; our level of current technology suggests that with good data on population and spending, a proper taxation and trade policy should be only a few clicks away.
Yeah, unless the rich don't like what it shows.
There are 6 types of economies
Developed
Underdeveloped
Japan
Argentina
Turkey
UK
Developing
Genuine question; what's wrong with Japan?
@owenlindkvist5355 Japan's economy is in crisis mode
It's on an economic downturn
@@owenlindkvist5355 The quote was originally 4: Developed, underdeveloped, Japan and Argentina. First two are self explanatory, but no matter what Japan does, they will always be economically prospering. No matter what Argentina does, their economy will spiral.
According to TLDR every country is gonna fall in every year
It's not like they are going to talk about stable countries, because there isn't really any new news there
Like what?
Not really
Every country except for Luxembourg.
Though I do find it amusing that so many online videos have people saying that Germany is collapsing around the same time that the German economy surpassed that of Japan to become the second largest economy in the world out of 200 or so countries with the only two countries to have bigger economies being countries with vastly bigger populations.
Unlike the people putting out online videos the vast majority of the world's population wish that their country had an economy like that of Germany.
@@geofflepper3207 Just give them a while, they gonna find spark 😁
As an argentinean let me tell you what's wrong with following the economic framework written by "experts" from US, UK, Canada and Europe: they don't have a bimonetary economy.
The measures taken by Turkey are great on paper, but in the reality of a country with more than a decade of inflation and devaluation, it will only fuel future problems. The loop works like this.
- Central bank raises rate
- This freezes the economy (taking debt for investment is more expensive), but increases endogenous monetary emission.
- The high rates attracts carry trade funds, but like the video states, those are highly volatile
- That monetary emission acts as a time-b'mb against a future run against the lira
At some point, the inflation persist (because they haven't attacked the main cause of it which its running state deficits and cutting all forms of monetary emissions), a devaluation happens, the carry stops, and all those lira's that were "sleeping" betting on future rates, suddenly run against the dollar, causing a major devaluation event, and even more inflation.
The true solution is more similar to what Milei is currently attempting, or to what ecuador or menem attempted before him. You have to stop all forms of state deficits, and find a way to peg the dollar or just dollarize. That way you "attack" both sources of trouble: the fiscal deficit and the trade/account balance deficit. You also have to find a way to deregulate your failing economy, opening to investment and trade. It's not easy, it's not simple, it's not fast, it's not pretty. But it's what works better in this type of economis.
oh, yes; what shurkey reely should do is look to argentina in general and milei in particular
@@cl8804 I would say Turkey needs to pay attention to what didn't work in Argentina more than what Milei currently does, since he's only 6 months in and with the entire corporate state against him.
What Turkey is doing now, has already been done there, and it doesn't work.
Wow, I actually didn’t know this. Much appreciated from USA. ❤️
In short, Turkey needs to stop printing money.
@@Ikbeneengeitwhile reducing public spending at the same time.
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Intro audio is eardrum rupturingly loud again 1:14 -.-"
Ues the volume control, you are old enough. 😂❤
THX 2
I don't know if it's fixable or not, but for now it's an unending source of comedy.
As a Turkish person, it's tragicomic :'D
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Nothing about turkey is fixable
It will possible to fix after 2028 when Erdogan will have to go.
@@AndreyPokidovanother person from his party would take over😂
@@AndreyPokidov there is no party in turkey that can fix turkey. Turkey is done for. It will NEVER get better in turkey. Turkey will always be bad.
This is why they are joining Brics they have no hope in their own currency
@@MS-ql8ek I think that Turkey joins BRICS because Turkey needs in any kind of financial resources. I suppose they hope that they will be able to get credits from China.
I thought they were always in the middle of an economic crisis.
Haha it never ends
How it's economy is consistently growing. Maybe you mean monetary crisis.
Lol same thoughts.
they have a problem with stable exchange rate not economy, so actually they don't have any problems other than people aren't using their money to buy stuff , other than they are growing and actually part of the problem is the west trying to make the economy look bad even it's isn't by making the Turkish lira wake , so people will se it and think that the economy it self is bad to make the current pm lose which did work somehow 😂 i didn't believe that Turkish people are that stupid
@@shafsteryellow Growth that is devalued by a plummeting currency and inflation is not growth. Except on paper. Economic growth is reflected in the standard of living eventually. In the case of Turkey, this growth was reflected in the well bring of the AKP oligarchs and the rich. The middle class of Turkey that Erdogan helped shape in the first half of his tenure is all but gone. Wages plummeted, pensions plummeted, cost of living increased, imports became more expensive. More and more Turks are now going to work abroad even in countries where they would usually not go to work, but do business.
as long as erdogan is in power, no, it's not going to get substantially better
Lol go on explain why.
In the time Erdoğan has been in Power, Gdp per capita has tripled and Gdp has grown almost Fivefold, so wtf are you talking about
@@kaan4040 This is a joke right?
@@shafsteryellow erdoğan puts theologian (ilahiyatçı) on every institution, if elon musk was turkish and he critisized government he would KAYYUM him and put a theologian insted of him.. no matter which school you finish in turkey, doesnt matter, a theologian is allways more powerfull and "jack of all trades" .. and guess what, they actualy not, and ruined turkey.. thats why erdoğan is bad for turkey
@@douglastakle8242show me your data.
4:06 best rap I've heard in a while
"They not like us" - TLDR news probably
😂😂
erdonomics is the only economics that works in Turkey, it just keeps turkey in stalemate
A "stalemate" economy, is a regressing economy.
As the population grows and economy is still the same, youre gonna have to compete for same amount of jobs.
@@winzyl9546 if it keeps going they will migrate to europe on mass again
@winzyl9546 what happens when an economy reaches a point where it reaches the peak and can't grow further due to finite resources in this reality?
@@grasshopper8901 war
@@vajnazsombor9397 and if there is no more to be found due to finite land and all of it being conquered?
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Okay guys here is the hint: If the tax collector aka Mehmet Simsek stays in finance ministry okay Turkey will do classic economic approach( tax the poor,suck the rich) crisis will die in 1-2 year. The balloons are popping and country will have better time. But until that time Turkey’s citizen will have hard times.
The only risk is Erdoğan’s joy of kicking ministers.
So Mehmet Simsek is the key
This
Middle east Argentina
Still better than original flavor argentina
More like Argentina is Turkey of Americas since Turkey is wayyyy older
@@e.v3832Only if you consider the Ottomans to be Turkish instead of Ottoman. Turkey was founded by Ataturk, just as Italy didn’t start with Rome, Turkey didn’t start with the Ottomans.
@@mormacil that's not a correct compare since Roman Empire fall in 1453 while Italy founded around 1800s which is not direct continuation while Ottoman Empire fall in 1922 and Turkey founded in 1923 , so Turkey is direct continuation or successor of Ottoman Empire
@@e.v3832 It's a successor yes, hence not a continuation. Just as all the other former Ottoman territories are successors. The Ottoman Empire was Ottoman in culture, not Turkish.
The loss of power and administrative power to the Allies made a continuation impossible. The Empire was also partitioned all the way back in 1915, years before Turkey was formed. Turkey fought a war of independence from the remnants of the Ottoman state, so its at best a successor holding a minority part of the pie.
I am from Pakistan, the interest rate is now 20.5% and most businesses are collapsing due to higher interest rates. our gov is planning to reduce interest rates in the upcoming years. but I never thought that a country like Turkey's interest rate would be double ours. it's a very terrible situation for the Turkish people. I hope their economy will recover and Erdogan will be able to hire good finance officers.
He fired all the good ones because they were not following Islam. Turkey has to raise rates as a counterbalance for all the years erdogan kept the rate very low
I hope Erdogan will be gone as a Turk. All the economic mess we have is because of his choices. Islamic economical system doesnt work in modern days.
@@darkprofile Islam gave the best financing system in the world. but the problem is that how much you are honest and are loyal to the system. so please do not blame Islamic System. your own incompetency is the cause of the system failure. do not blame the Islamic System.
@@thebestmoments2105 It cant be the best system. A system can't be built on human's honesty. A system which comes from God can not fail! Look at islamic countries they are all fail in economy.
@@thebestmoments2105typical brainwashed muslim
We were in Turkey in 2018. We shipped our yacht to Fethiye on a yacht carrier from Thailand. We hauled out at a yard which turned out to be absolutely CROOKED. The owner kept insisting on payment IN CASH in USD or Euros. The only way we could pay him in those currencies was by bank transfer which he was not keen on for obvious reasons. If we went to a ATM, we could only get Turkish Lira, which he was equally not keen about. So, we reached an impasse. We sold our home of the last 10 years to an English buyer who was then able to settle the boatyard account in Pounds which were equally acceptable.
It seemed to us that the notion of paying income tax in Turkey was akin to heresy!!!!
I thought the crisis never ended in Turkey:). Why another one?
I seem to recall a comic strip from the 1970s in which a political leader gave a press conference in which he announced that the economic crisis was over because (according to him) the crisis had been going on so long that it could no longer be considered to be a crisis - it had become the normal state of affairs.
Unsolved crisis becomes normal over time and when graph get higher than this "new normal" its called new crisis and cycle repeats XD
All that Turkey needs to do to stop inflation is stop printing money. Forget interest rates.
Decisions about policy interest rates are (implicitly) decisions about how much money to print. These aren't separate things.
Turkey has so much going for it. It’s unique location between West and Middle East. It’s neutral stance between West and Russia. Tourism. Natural resources. And all it takes is a terrible Government to drag it down.
You can't be neutral while part of NATO my dude. Erdogan is just pretending to be independent, but if push comes to shove, he will bend over like the rest.
All it took was Islam, that's the reason they refused to raise the interest rate
@@hendrxthat’s a common understanding but I’m not sure it’s on the money. Erdogan’s patronage / corruption networks are all tied up in construction. Low interest rates are good for the construction industry: more money for his buddies
Natural resources aren’t a guarantee. The DRC has phenomenal natural resources
there is no national resources what are you on about
Raising rates is just slapping a band-aid on a wound. When constaly spendding money you dont have, it can become impossible to recover. Raising rates doesnt reduce inflation it delays it. Much like a band aid if the wound is to big, the bleeding wont stop.
You can’t just raise rates, you’re right. You have to do both
My friend, that's not the problem: the DICTATOR is the problem.
Frankly speaking Turkish companies seems stronger than ever with increased exports and doubling down of foreign companies investing in production plants to take advantage of low salaries. This said the are instability and problems for sure but visiting Turkey situation seems much better compared to what they depict.
Lots of zombie companies in turkey, the government can not collect taxes.
Exports are mostly fake and trumped up, *but* there's at least a chance of being a manufacturing hub. However to do that right, you need to be business and investment friendly, and stable... And that's not proven yet.
@@urbanarmory It is not fake at all
I am in Turkey right now away from touristic areas, it’s not much different than 6 years ago, but there are more scams and hatred towards foreigners than before.
@@tomatom9666 Could it be because of the flow of immigrants that came to Turkey within 10 years ? And they are becoming a huge burden for Turkish economy. Why are people coming to Turkey of there is an exonomic crisis ?
Real inflation ratio is 120%
Source: trust me bro
@@54.08TR Markets ,real life
@@TarihtenGelenNotlar still not a source, the inflation is 61,78%
@@54.08TR sktir git trol
I didn't know the last one ended
this is exactly why a lot of turkish citizen bought gold and still do buy gold. inflation has always been a part of turkey and will continue to do so.
it saddens me to see my home country like this and that while there is HUGE untapped potential. just the spot on the world map is enough for a thriving economy. sea on north/south land on east/west. basically functioning as a "bridge" between eu and asia. damn bro really sad
Nice, Josh 👍
Atar tuk Watching Turkey with shame form his grave
Atatürk, spell it correctly
he can watch central Asia instead. Which is where Turks are from.
atta turk
@@TurquazCannabiz Doesn't change the fact that he's likely spinning in his grave. Probably started when Erdogan destroyed his tree park to build that "presidential palace" of his. What a way to spit on someones legacy, holy heck.
@@Magneticvortex-kk4gb He was born into a Turkish family in the Balkan Province of Salonica. You can vomit your disgusting hate onto something that makes sense with your broken mind. We are Anatolian, we have a land in Europe and we are here to eternity. Cope.
More and more research and practical examples show that autocracies and/or populist leaders act as a brake on the economy, of which Turkey is a very good example.
Hopefully people will understand in time that following a "strong" leader not only costs us hard-won freedoms, but can also hit us hard in the wallet.
Except for Turkey Turkey makes a brand new Turkey
There are a few adherents of Monetarist Theory who don’t recognise it has some very severe limitations, the Theorists aren’t United on the means of “adjusting” the practise of the Theory. In Turkeys case, the government has the power, but not the brains, to take the correct path.
The funny thing in all of that is that Erdogan is still under the illusion that turkey could return to its chaliphet days and serve as an example to the rest of the muslims.
We have a similar guy here in israel, named netanyahu.
Where did you get the graph at 4:30 from? Because I distinctly remember the turkish lira in 2014-2019was trading significantly better than what you show here. A quick google search confirmed my suspicions. The graph should have a very strong increase in 2020-2024, while before that is more like a flat line / slow rise.
Yes, you are right. The graph TLDR show is wrong. Most of the decrease in the Lira happened after 2021. Disappointing they cannot get this basic information correct which is easily available online.
@@maffy3855I remember Dollar increased to18 try in a week then turned back to the 12 try.
A country paying 50% interest on its debt is on a quick path to bankruptcy. That might be what is required to fix inflation though.
Turkey did that for 25 years, 1980 to 2005. They didn't go bankrupt back then.
They don’t have a very high debt to gdp ratio.
Bro we have one of the lowest gdp debt ratio among emergening markets
Would you rather have 150% debt to GDP with 5% interest or 30% debt to GDP with 50% interest?
@@JJ-io4peTurkey should just ring one of those commercials that go: "You have multiple debts? Why not consider solidifying them into one manageable loan?"
turkish corporations sell in euros abroad but pay staff in lira. whether deliberate or not, some folks got very rich with this inflation business
of course they did!
And at the same time poor turks were proud of their exports.
So Erdogan managed to keep both the winners and the losers happy. He knows his audience.
When you mix religion with politics= it will be like mixing water with acid
Uncontrolled prices domestically means the people's buying power is still declining almost weekly. It won't matter what the government does, as long as -The Big Man Who Shall Not Be Named- doesn't enforce the law, at some point the bubble is going to burst and what is left of the economy is going to crumble.
Inflation is the worst type of taxation on the population, because destroys the low income, while rich people could save using Dollars or Euros. Poor people who receive salaries on Liras, are the principal victim of this policy.
It is the same as what happened in Argentina.
FFS - economic pain is how increased interest rates bring down inflation. It’s the intent, not a consequence
All eyes on Reasi. 😢
Living in Turkey is like living in a dejavu and each time it gets worse. The major part of the problem besides corruption is how people support the political parties with soccer fans’ mentality. Ideology > Reality
I think you don't live in Turkiye cuz people is not supporting footbal anymore thats why huge stadiums are demolishing and it applies parties also. There is institutization going on right now and political parties and movements are losing the support of people.
@@i-qwery well, it is good to hear that you still have hope. See you after another 20 years. I bet we will still be talking about same issues as long as ideology> reality.
@@utkank65 The same happened in Argentina. Inflation and Populism.
"Babe, wake up, TLDR News Global uploaded a new video on Turkish economy!"
Why are you not mentioning the most basic cause of this? I.e. money printing to cover government debt.
Cuz Turkey is not printing money a lot
I lived there don't buy property you will lose!😮ruined there
For most countries, I feel bad for the people suffering from inflation or other economic problems. Turkey on the other hand I have zero care lol...they literally voted for this. Sometimes it seems they hate the very thing that made them great but love everything that makes theocracies despots.
Delusional AF
Yeah fair enough, polarized people causes stupid autocrat politicians. But now Erdoğan aka defender of Islam have alternative in Turkey and the alternative party even got %7 in their first mayoral election especially in the Erdogans castle cities. So things can be little change? Damn two sided politics; Islamists vs Europe’s dogs. Now islamists have alternative i hope we will find alternative for this stupid opposition
What are you talking about? Erdoğan has completely succeeded in developing turkey.
bold thinking to assume that while in reality half of the country vote opposite.
every country has majority of stupitity.
Erdoğan won the election by only 1,5% votes of the population. Considering how much control he has on media and jurisdiction that’s pretty low. Basically because of a minority of religious morons, young secular Turks suffer the consequences. I think Turkey would be on a completely different path, if Europe had supported the opposition in Turkey instead of ignoring it.
You can't have another economic crisis while the last one is still ongoing.
7:20 they are actually taking on loans to pay for loans. EU4 economics at its best😂
A new economic crisis? Man we never left :D we were born in it, molded by it
Islam and economic rules don't mix
So will the dolar to tl rate increase or what
İf the prices of goods in increasing then the usd should increase too
I been telling y’all you can’t teach old dogs New tricks
*Can't teach sub-human to think like human.
@@nntflow7058 oww welcome netanyahu.. how are you
@@nntflow7058next you will treat them like animal.
@@nntflow7058 Bro is more subhuman lmao. You could be Jewish instead of white.
@@ibrozdemir *Grammatical error detected
During earlier episodes of hyperinflation (the 1990s), decline of the value of the lira had more or less the same pace as inflation. For a year now the lira is relatively "stable" but prices continue to rise. Meanwhile salaries and pensions hardly increase. That is why this crisis causes great hardship to the larger part of the Turkish population and compared to other countries prices reached insanely high levels. Tourism, one of the main sources of income, suffers, as foreign tourists find Turkey expensive and stay away. It is difficult to see how the lira can be held still longer on the same level. And if it value decreases again, then the "investment" in the form of the "carry trade" will collapse.
even being putin's friend with cheap gas and oil they still can't get it together
Don’t know if a current account deficit is negative perse: it just shows that a country can attract (current) savings from other countries in exchange for (capital) returns later.
How the current account deficit is used, is more important: are the foreign savings consumed or invested into (productive) assets?
But is it really that bad? Turkey seems to be doing good from the outside.
Greetings from Turkey, there is no problem, everything is fine, there is a little bit of a shortage but nothing extreme, we get a minimum wage of 600 dollars and our people want the state to pour food in their mouths, that's the truth.
I have no idea how Turkey still manages to increase it's gdp. How is this possible with this kind of inflation and currency problems. It is one of most interesting country in the world.
Easy to answer: The more a leader is failing without a solution, the more they'll rant about Israel.
Yes.
Coming from Japan, this sounds very familiar.
Without Erdogan, it's fixable. With him, it isn't.
Dear TLDR team, your female colleague (I wish I knew her name) on the global news channel has an excellent skill at pronouncing non-English words and names correctly. Please do ask her how to pronounce some of the foreign names before you shoot a video. You can clearly do better.
They can do it themselves if they're willing to put in some hard work...but they're in it for easy TH-cam money
Have her talk about China
The main challenge is the current global financial system, from which Turkey, like any other country, wishes to break free. While your video focuses on Turkiye or any other country, it fails to consider the bigger picture.
I can't believe you're still interested in Turkey's economic situation after making 76,937 videos. As a Turkish citizen, even I don't care about it anymore.
Completely useless to talk about the Turkish economy without mentioning the influence of religion.
When you have a leader of a country who wants to run everything according to a book from the Middle Ages...
Nothing is unfixable. Especially for a country situated in the heartland where at least 3 former great empires flourished.
The problem with Turkeys economy seems to stem from economic statism, which has persisted from when the republic was first formed.
That's the idea that the government should actively try to mould the economy.
While this has it's benefits, it severely limits the ability of an economy to self-correct.
Opening the borders for unbounded immigrant flow into Europe should teach Europeans about real economics.
Whatva surprise....autocrat making stupid moves.
The rates are still too low
As others have noted, that graph of lira to dollar since 2014 is wildly inaccurate and should have been corrected. When I was in Turkey in 2017/18, the lira averaged between 5 and 6 to the dollar, not the 16 to 18 this graph shows. Everything was very cheap for me exchanging dollars but now, even with the 6x rise in dollar value, it isn't enough to keep up with runaway inflation and I'm amazed how expensive everything is, even with dollars. My friends in Istanbul can't keep up with inflation and their lives have become very difficult. Now they have to move because their building has been condemned as seismically unsafe. They have no idea how they're going to find a new place, let alone afford it.
The strange thing is I was just in Turkey and people have spening power everywhere I go
Boys, a current account deficit is a financial account surplus (claims on foreign assets). Think in terms of double entry accounting, and you won't make these errors.
3:10 - Inflation had little to do with the mayoral election losses across Turkey, since these Inflationary pressures have been there since 2018 at least. It was a message from the people that they won't tolerate non-intervention in the Gaza genocide.
You read the situation wrong. It is nothing to do with Gaza, it's local elections. Retired and poor people had enough and voted for opposition because government started to address the economic crises after the general election and it affect mostly those people. People check their pockets before voting in this country.
@@TheNoronist no they don't, else erdogan would have been out in the last election
@@BOZ_11 The economy was somewhat okay before general election because of the economic policy, which is low interest rate and consumer focused policy. It is a handy policy if you want to feel good for a little time but get a massive hangover-like effect afterwards(it's like alcohol). Which is what's happening right now. They u-turned after winning the election and squeeze people, because they can't use this policy for a long time. it will devastate the economy even if it feels good.
So the u-turn of economy started to repair the country's financial problems but make people miserable at the same time. This is clear as a summer day in Turkey. Why do you insist of arguing like it's not, I really hard to understand that. You think retired people are happy about their pay but vote for opposition because they upset about Gaza? All research data show these statistical fact as clear as Maldives beaches. It is not my argument, it is a fact that I am merely stating it. It is not a debate man stop propagating like something else.
@@TheNoronist rubbish, the general election was just over 1 year ago, and inflation was over 80% mere months before said election, much worse than the 68% during the mayoral elections
@@TheNoronist rubbish, inflation was over 80% mere months before the general election, much higher than the 63% over the mayoral elections
Real inflation %120 . Government manipulated inflation rates. High risk for everyone.
As a Turk, I feel very comfortable. Our economy is constantly fluctuating not because of this wrong policy, but because we do not bow to the West. I want to say this to those who confuse us with Argentina. This is Türkiye, not Argentina. Rest assured, we have charted our path and are moving forward. When you see where Turkey has reached after 20 years, you will understand our greatness better.😊
O kadar doğru ki
This true story.
Yes, we are not Argentina. We will be more than that if it continues on this path lol
Mal
13k to 12k
Gdp per capita tells a lot about Turkiye😊
3 yrs ago 1 Lira = 0.1$
Now it is 0.03$
The politicians are skimming off the top favoring selected industries, bouncing around the familiar themes of politics, economics and religion.
Why is the intro theme always so loud?
The Turkish people invest in gold when the economy is good and use it when the economy is bad and spend it slowly and everything is recovered in this period. This is our little secret 🇹🇷😂
The last economic crisis ended?
I thought Turkey was always in some sort of economic crisis. There is never really a break, they just sort of morph from one to another.
As a Turkish I believe the Mehmet Şimşek, he is know what to do in every sense. If Erdogan make him minister in the past Turkey never fell in the crises too
mehmet şimşek is like a mother trying to tidy-up the house while, 1000 of spoiled kids braking and ruining the house at the same time.. there is no mother or an economist that talented in the world
I love it when orthodox economists are proven right
Looks good on them.
shows you
Turk has no direct path between Erdogan wants to play all sides. Not sure that’s a good strategy for the economy
dawg im so cooked my country is ruled by clownsticians
It is the point of no return.
Arduan gets his karma, thats what supporting Islamic Terror gets you
What are you talking about?
@@shafsteryellow check out hamas-turkey relationship
@@shafsteryellow He's kinda right.
Turkey keeps supporting weird jihadis.
HTS in Syria, Hamas in Gaza, Muslim Brotherhood in general.
Like imran
@@shafsteryellow go to sleep troll
Thought the reason he was opposed to raising interest rates was religiously based. Understood that Muslims oppose loans with interest, it’s usury which is not allowed.
when religion > economics, terrorism>common sense.
That's not at all what's happening
@@modo2213it’s not, but I see what he means. Look at and Islamic state. Pretty much none of them are good places to live and their ussully dirt poor due to priorities like woman can’t work because they can only be accompanied by their husband. That right there cuts half your work force and stifles growth. Putting religious values above reason is common in places like Pakistan for example. The only real exception is Indonesia but even they are supplemented largely by Chinas investment in them.
@@modo2213 it is what's happening turkey 🦃 intentionally kept interest rates low because interest was a haram or whatever non sense in an Islamic state which ruined the economy.
Hello racist and islamophobe 👋
@@domenico_ginny6164even in the middle ages Muslims were poorer than religious minorities in their own countries 🤦♂️🤦♂️🤦♂️ economists already analyzed and there are TONS of problems in their religious laws regarding economy.
Isn't Turkey joining BRICS soon?
"Erdogan's funky monetary policy" is a nice way of saying "Erdogan's belief in Islam's usury laws".
Islams usury laws are bs. Just look at halal loans. We dont charge interest you just agree to pay back more than you borrowed
Turkey do not produce enough fuels, or ore or raw products like cotton, etc. Turkish industry turn wheat into pasta and export it, the wheat that had been mostly imported, or assembly cars that had been designed, and produced abroad etc. or make cloth from imported Petroleum and cotton products. Turkey has industry, even at the end of Ottoman empire it had a kind of house based production. And today I think Turkish industry is not that bad. But most of the industry require imports of fuels, semi finished products, designs and raw products. We don't produce enough patents and Designs etc. We don't have vast agricultural lands like Russia, or USA, or rain fed grasslands like North Europe. Actually Turkey has everything but not at sufficient amount. What should Turkey have done was to develope more solar, wind, hydro or nuclear power to reduce energy imports. Develope and advertise more electrical cars, use policies like land merging (to create larger and efficient farms) and subvantions to increase efficiency in coastal irrigable plains(maize yields are still low, like 1.5 ton per dekar, it can be increased to 2 tonnes easily, and up to 4 tonnes). Greenhouse agriculture is good, we export a lot of fruits and vegetables, and the greenhouse farmers are happy, the most importantly. We should not lose the skilled workforce( it is both about the economy and also the policies, in 90s the economy was bad, but people were not planning to leave the country that much), most people wish to emmigrate to germany and usa. I have many friends who had been accepted to a master program in Italy or Germany and stayed there after they graduate. We are being drained of skilled workforce,the human capital, the most important capital. And tourism, trade etc should be increased. If Turkey manage those, than the reduced imports can be balanced by finance, trade, tourism and income from designs, movies, brand rights etc
The Turkish government plans to build a nuclear reactor in the east
Turkey is close to Europe, which is a blessing but also harms them. In this sense, Brazil, Emirates, and India, have more opportunities,
Turkiye's Economy is growing every year and the minimum wage did a 3X in USD in 15years.
The only reason TL is losing against usd is because the US is using the dollar as a weapon. Still Turkiye is making big steps in every sector.
Bu bir başarı değil aktrol. Gurbetçisürtük de olabilir sin gerçi
😂😂😂
Why can't we feel the economy growth? Oh, because SOMEONE is taking it all for HIMself!
X3 salary and prices by how much have increased?