Turkey’s Economic Crisis: Can it be stopped?
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- เผยแพร่เมื่อ 23 พ.ย. 2024
- ► Subscribe: @uptin Turkey's inflation recently hit 75%. Breakfast for two went from 150 Turkish Lira a few years ago, to 1,300 Lira. So what's happening and can it be stopped?
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I just came back holiday from Türkiye. I have been there many times. Turkey is not a cheap country anymore. I was asked to pay £15 for a pint in Izmir airport. I paid nearly £5 for a bottle of beer in a cafe..Türkiye is more expensive than Greece and Spain at the moment. This never happened before… crazy!!!
When was the last tome you were in Turkey?
I am sorry to say this but you probably have been scammed by a tourist trap then again 90% of touristic places add at least 300% profit on top of what they sell. Dollar wise nothing was changed but since dollar had its fair share of inflation of its own ofc prices went up even in dollar terms.
😂😂😂😂 I was in Istanbul is New airport paid 4 dollars to a cup of lousy coffee
Thank god I don't live in Turkey We don't need dictor leadership
@@SamiMji-n5l indian oligarcy is worse than dictatorship. At least turkey has real elections
Yea, Istanbul used to be cheap but not anymore. You would have to go to a less touristic city.
I like to go to turkey and get myself a big kabob meal and have the hungrytorks stare at me as I eat. I feel bad sometimes.
@@Techtalk2030That’s sad. A disdain for other humans. Poverty is not a sin and we will all live in the ways we find acceptable for others.
@@johnnypham2850whats sad is the genocide turkey committed against assyrians, armenians, greeks and kurds.
@@Techtalk2030 today, Turkey is 99% Muslim. Can't argue with success.
@@Techtalk2030😱 did you say 🦃?
A few years back, Turkey was an inexpensive holiday destination, but it sure isn't now!
Agreed
How come while things got more expensive now ?
@@Commbo That's explained in the video.
@@uptin Erodgan is using islamic principles on a non islamic Financiqal instrument. You need to have Gold and Silver as currency and after that no riba (interest) based system in order to succeed economically. You can't go nowhere with the fiat currency system.
@@atifrehmanfarooqui3862 That's why i am glad to live in a country where people are welcome to believe in Allah or any other religion but made it clear we keep State and Church seperate. Believing is something personal what you share with like minded people but no religion has a grasp on modern economics.. You won't find instructions how to become a succesfull economy in any religious book. Just look around are atheists countries poor and highly religion ones rich? I rest my case.
Our family just got back from Turkey two days ago. We spent a month here. In 2022, we also spent a month here. In every area of spending, it's gone up around 3X-4X in cost now compared to two years ago. One of our favorite things to eat in Turkey (Lamachun) cost around $1 USD (19 Lira). Currently it was around $3 USD (90 Lira). We have good friends who own Glamping accommodations on an olive farm east of Izmir. Our cost per night (with a full Turkish breakfast included for two adults and three children) went from $60 USD (850 Lira) per night in 2022 to $164 USD (5,400 Lira) per night for the same accommodations now. The people there are drowning and have no way out. More than just an administration change, borrowing rates need to be sharply increased (because you cannot print your way out of the problem), the value of the currency needs to be switched back to the Gold standard, and taxes everywhere (sales and income) need to be lowered for the people to encourage economic growth & spending. All goods (except for food) have a grossly high tax on them (between 20-50%). Nobody can purchase goods if the taxes are that high on them. Plus, when your housing costs make up over 50% of your income, nobody has the ability to own any property. This is forcing the talented and well-educated youth population of TK to leave the country.
Thank you for sharing. I guess I'll skip it for now.
I'm in Istanbul right now, and have been traveling around the country for a.few weeks. I definitely feel the higher costs throughout....higher food prices, entry fees and lodging.
You know their currency and financials are really in deep trouble when you turn up to a money changer and they give you the *actual* market rate when changing your £ and $ to Lira. Shows that they are absolutely desperate to offload as much of their own currency in exchange for more stable currencies.
Things are out of control. Yes, inflation is high, but I think businesses are also taking advantage of the situation. Also, a new trend with restraunts is that they add a service charge on your bill (which is as far as i know illegal) but an example of how they take advantage.
hadi lan aktrol
Yet they still voted for the guy that created the whole mess
The US Dollar is going to be collapsed soon, buy GOLD ✅
granted he lifted the economy in the beginning and Turkish where rightfully happy with him, just lately it doesn't seem to work anymore. But it's not for me to judge don't live there and it's their problem and solutions will have to come from Turkey itself.
has nothing to do with Erdogan. The tourism in Turkey is ravaged since Corona-shutdown. European tourists and US-tourists don't have the money anymore to go to Turkey, cuz the Inflation also massively increased the prices in Europe/USA. Broke people can't fund tourism 😝
@@randar1969America
Electoral fraud is a big issue under the Erdogan regime. People don't trust the elections.
I had a layover at Istanbul on the way to Switzerland and I found Istanbul obscenely priced even when compared to Switzerland. Not visiting anytime soon.
Cant they eat turkey?
Compared to Switzerland? What an exaggeration! In Istanbul I can get a 500ml beer for €2.85, and if you wanna eat you can get an amazing fish wrap for €4. Show me where in Switzerland that is possible- or did you just get off the ship and sit down in Salt Bae’s restaurant at the dock? 🤦
Don't go there, they don't need people like you anyways... Istanbul is the most visited city in the world, check your facts and go somwhere else so we can enjoy Istabul the most
The US Dollar is going to be collapsed soon, buy GOLD ✅
@@sanidadeelogica4979local here, you can't get anything to eat for 4€ in Istanbul and alcohol prices are probably the most expensive in the region. Turkish Central Bank has completely destroyed the local economy, stop spreading misinformation.
I get that they are in a recession, but that doesn't justify the 4x price increase on everything. If I want to pay that much money on food I might as well visit Switzerland or Norway. Even here in The Netherlands prices are cheaper. This is just a straight up scam. Wages in Turkey are much lower and the rent is also lower when compared to western-EU countries, yet the prices are almost double. Absolutely ridiculous...
Are you been stupid or sarcastic? Just a bottle of water in Switzerland 6 euro?
Amsterdam is one of the most expensive cities anywhere. Sure, it's nice, but come on. And rents in Istanbul are now the same as in Western Europe. I was not too impressed with how expensive and bad quality the food is in the Netherlands. Apart from the cheese, naturally:)
Never again in turkey 🇹🇷 they greediness will kill the tourists
Housing pricing is overpriced everywhere in the world at this moment 🤷
Yeah , too much capitalism
What's the solution?
Inflation has been high for years, they still vote with Erdogan.....very intelligent people....I think they vote with their hearts, not their brains.
The local elections showed how people vote. But it was easier to rig one Federal election than a whole bunch of local elections. Only 30% of Turks want the Dictator, the remaining 70% want him gone. Only then will the suffering of Turks cease.
It's an authoritarian regime with no freedom of speech/press. N°1 country in the world, and by very far, in putting journalists in prison. They don't have a real democracy.
Because Erdagon will make Turkey Islamic Caliphate again so turks can happily mass migrate to secular West and continue voting for Erdagon and his successors
It's true and it's sad. Turkey needs to improve the quality of education especially in rural areas ASAP.
The problem is that inbreeding is allowed by the Quran. And in rural areas cousin marriages are into the double digits. How can you educate a population that actively handicaps itself socially, genetically and psychologically. @@berkoral801
From outsider perspective, it's hard to find a reason why the long-ruling government can still win election, despite such financial disaster.
Most people in rural are uneducated, they only have access to limited amount of tv channels which stream erdogan propaganda 24/7. But he is getting less and less popular each day, so there is some hope I guess.
@@berkoral801dont they have internetler?
Ignorance
Simple....they just love😢 their current situation....
Let them be....
Well a lot of Turkish people outside Turkey are Pro Erdoghan while not living in Turkey yet voting for him
If inflation stays at this rate, there will not be any tourists at all by next year.
tbh i thinks tourists are smallest problem in all of this. i fear how turkish ppl manage to live with this kind of prices? and in terms of tourism Istanbul is one of the most beautiful cities in the world so i am sure there will be plenty tourists eager to visit. Just look at NYC for example-things there are like 5 to 10 times more expensive than in Istabul yet there are plenty tourists still
I appreciate how concise you make your videos.Yet another interesting video!
I've visited Istanbul in 2017 when 1 Turkish lira was 1 Brazilian real and again in 2023 when 1 Turkish lira was 0.2 Brazilian real but despite the drop in the exchange rate everything was much more expensive. I'm visiting Istanbul again late this month. Awesome city and country you have. Good luck with the economy in the future my brothers.
Thank you🇹🇷🤝🇧🇷
In Spain we saw the rise of Turkey with concern, because it is our direct competition in all branches of the economy (tourism, automobile industry, agriculture, construction engineering, services...) But thanks to Erdogan we can sleep peacefully. And as long as the Turks continue to vote for him, we will continue without much competition. Thank you so much.
You don't want your drunken British tourists?
You are clueless and ignorant.
It's the US trying to destabilize Türkiye.
I dream of Spain
Not a good comment...
Lol 😂. as an African I'm automatically banned from EU and can only visit turkiye. I believe it was the most visited city in 24
All what you have described are symptoms of hyperinflation anomaly. There is currently hyperinflation in Turkey, just like in Argentina. The solution is to remove the currency and launch a new one.
I was in Istanbul earlier this year and saw prices rising to an extent that tourism could be in trouble in the coming year. (I wouldn't advise friends to visit right now). You rightly pointed out that the dollar pricing isn't spared this inflation, i.e. It's not simply a weak currency. As my tour guide pointed out this is pretty common in Turkiye and invariably the fault of poor fiscal management by the government.
You fail to acknowledge the fact that you pay the same price in your country or probably a lot more when the prices are low you didn't say this is deflation you didn't say, this people need to raise the prices because everything else is rising and the dollar that is used to buy them is devalued by the US printing machine,
It’s all because of Evil Erdogan
@@MrManny075Let's compare iphone prices?:)
@@MrManny075 Nope. That’s not true.
Example: Istanbul airport now is the most expensive airport perhaps anywhere in the world. A simple sandwich in Istanbul airport cost around 16-18 Euro when in any airport in Europe that would be around 10-12 Euro. Airport prices are always much more expensive that city prices, but Istanbul airport has broken every record for ridiculous prices.
By the way I was in Istanbul and Istanbul airport last week so I know what I’m talking about.
Exactement ! Moi aussi 😮
Horrifiée par des prix ridicules
Inutile de comparer les prix d’Istanbul et de paris .
7,50 euros pour une portion de frites dans un kebab de rue … reviendrait à multiplier par 4 pour Paris .
Le salaire étant à 520 euros environ minimum !
Uptin. You are an awesome content creator and I always learn a lot from you
Thanks so much!
Yes. I agree.
Great video ❤ Keep up the good work @Uptin. @CNBC must regret their decision to let you go.
I love Türkiye and have frequently visited Istanbul over the last 5 years but the current inflation has made it very tough to be a tourist there. Even spending in Canadian 💲doesn't get you very far. Sad but true.
As a Turkish I think there are 4 reasons of this situation:
1-Privatization of every state enterprise(no social rights for working class)
2-Imposing exportation-based economy
3-Refugees that came from Syria,Afghanistan etc.(They caused informal employment and lowered wages)
4-Government always taxing middle and lower class but no taxes for rich
these are all good points, especially coming from Turkish
Not really , Turkey has always had a problematic currency , the reason Turkey currency / economy is in a bad shape is because Turkey imports more then it exports ,,, furthermore the entire world is becoming more expensive because the US and Western economies flushed a lot of printed dollars and Euros in covid and after 2008 crises , this affected inflation and since Turkey is part of the global economy its affected and it pays the price for western caused inflation but unlike the west it’s in a weaker position .
I believe the main points are these:
1. Reduction of FDI and investor confidence due to the coup attempt and tragic geopolitical actions during the aftermath of the Arab spring especially in Libya, Syria, Iraq. Turkey over reached and tried dueling with the big boys.
2. Turkiye imports intermediate goods to process into finished goods hence its very import dependent
3. Massive real estate money laundering which drove up cost of housing relative to locals rent affordability.
4. Lots of spending in military projects probably with the aim of recreating part of the Ottoman empire😂😂😂 which is impossible but dont tell that to a dictator.
tell me you are protectionist and communist without telling me you are protectionist and communist. iran is the opposite of all you said, yet their economy is still rubbish!
Of course, Governments are famous for their efficiency.
As a american that goes to Türkiye & Azerbaijan every other month and has a great income i can confirm its gotten outrageous expensive in istanbul. But in Azerbaijan is different story my much actually works there but in Türkiye not much anymore it so easy to go broke fast in istanbul where i use to use all my time in Türkiye but now i must do less in Türkiye and more in Azerbaijan
What do you do for living ? :)
@@fen8234 Healthcare
Tell us about it; I am a local and I have just checked some 2 star (even 1) hotels in such a remote locations to have a long weekend trip with my son and wife, right after the bank holiday so the prices would settled; the cheapest option is USD 100+ per night! Wth?! That's insane!!!
You can look for a hostel for 10 dollars a night, you are looking for the perfect vacation for free
@@ZZAlgo Perfect vacation? Are you joking? I have been 50 countries (so far) and I know what I am looking for.
@@ZZAlgo amanın anında 10 dolara eşşek
@@ozkancengiz80 aktrol oe işte
@@ozkancengiz80 It seems you don't.
I used to visit Istanbul very often but unfortunately it became extremely expensive for me. I usually don't travel to same place more than once but Istanbul felt like second home. Hope I will be able to afford to travel there again in near future
From $7K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
Sophia she really made name for her self
I have been hearing about Sophia since last year
I'd really like to get into crypto Investing. I have about $200k set aside, but I don't know anything about this market. Would you please provide the best approach to make money as well as a trustworthy resource for advice? Your help would be greatly appreciated. Thank you
I'm celebrating a $52k stock portfolio today. I started this journey with 6k. I have invsted on time and also with the right terms now I have time for my family and the life ahead of me
All thanks to her Sophia to the world
Very insightful, thank you for the upload! Was perfect duration as well
I was in istanbul in december 23 and it is not cheap even for tourists
Better to go holiday Barcelona because way cheaper and more safe also is less people rather than Istanbul !
I'd love to visit Barcelona too!
well, if that's the case, I'd also choose a cheaper country to visit..
Of course personal preferences are not for argue. But compering İstanbul to any other city is just blasphemy.
argentina warned us.. we didnt listen!
Along with every single Economics 101 books around the world...
This was a good video with comparison numbers. makes it easier to understand the effects of inflation even for tourists!
Bye bye tourism.
In my opinion, you should learn how to diversify your income streams especially now when they are tons of investment opportunities. For me I invest outside being a dad and my job and one stream earns me 205% profit weekly. I could invite you
Just keep voting for Erdogan ...
%48 not voted for him
@@manyakkedi6972 bro uğraştıgımız şeylere bak ne hale geldik yorum okuyorum saatlerdir
Voting out Erdogan is not going to solve the problem.
You didn't mention the fact that Turkey hosting the Most refugees in the World. That Turkey has wars to its south, east, and North. That 12 million people were displaced from an area the size of England after the earthquakes that hit southeastern Turkiye a year an a half ago, and the Government is rebuilding the whole area and helping house , train, and feed those 12 million in major cities, including Istanbul. With all that Turkey is going thru right now, other countries would have crumbled already
Insha'Allah Türkiye and it's amazing people will provail, as Allah azawajal says { وَٱلَّذِينَ ءَامَنُواْ وَعَمِلُواْ ٱلصَّٰلِحَٰتِ أُوْلَٰٓئِكَ أَصۡحَٰبُ ٱلۡجَنَّةِۖ هُمۡ فِيهَا خَٰلِدُونَ }
[Surah Al-Baqarah: 82]
Sahih International:
But they who believe and do righteous deeds - those are the companions of Paradise; they will abide therein eternally.
We will be back on top Insha'Allah, just need to stay firm
12 million come on, each day you Turks add 1 million more in your complaints! There are no 12 mil refugees, absolutely not true!
@bihjedinanasvijetu 12 mil displaced people after the earthquakes of 2023, all from an area the size of England, into the major cities north west, not including the 8 million or so refugees and the 5 million Syrian under Turkish protection in northern Syria
@@bihjedinanasvijetu I'm sorry, I stand corrected, according to figures it's not 12 million displaced, rather 15.73 MILLION
Allah is the reason for this mess.
At this point I think the government needs to discourage people to buy assets with Turkish currency(i.e. other currencies, gold, cars, real estate etc) by imposing significant penalties. Sale of real estate or cars for example should be heavily taxed if re-sold within x years. I am not a big supporter of such measures but Turkey really needs to halt the erosion of their currency which in my view is right now the main reason for the inflation and also without these measures the gap between high and low wealth individuals will grow rapidly leading to all sorts of other problems.
Pakistan had similar crisis. Inflation was around 40 plus now it is 15. It took around 3 years to fix it
Inflation here is insane.
My son’s monthly daycare/preschool costs have more than doubled in less than a year in terms of Canadian dollars.
- **November 2023**: 14,000 TL * 0.048 CAD/TL = 672 CAD
- **September 2024**: 27,000 TL * 0.052 CAD/TL = 1,404 CAD
In just under a year, the cost of day care in Turkey has nearly doubled in TL terms and more than doubled in CAD terms.
That was double the price from just last year!
Went to turkey 3 weeks ago. I'd say I wouldn't recommend anyone to visit there. Sure it's amazing but the prices were absolutely insane.
The government is printing tons of Turkish Lira to pay its obligations but that doesn't explain the rise in US D prices.
Ive been going to Turkey every year for about 10 years i can no longer justify going its absolute madness
I found Istanbul is more expensive even compare to Vienna or Prague
Really?
@@uptin Yes. But it didn't used to be.
Erdogan is a genius economist.
In 2014, 1 US dollar was 2 lira. In 2024 1 US dollar is 32 lira.
😂
That's what you get when you combine islam with monetary policies.
actually dollar is 32,000,000 lira today in reality..in 2002 1USD was 1.500.000 lira . but the same genius removed 6 zeros from it..and 75million geniuses actually belived that this can be done! lol
@@amykpop1not really tho. Islamic economics uses asset-backed monetary systems - usually gold and silver, which ensures currency stability. Also, interest cripples the average citizen through debt and inequality.
@@DonAl_CaponeThats why Islamic countries begs for meoney from imf
what happened? lol
I am Greek but I do admire your leader Edogan.
He is one of the best leaders in Turkey history and respected around the world.
As least you country is free and independent and not slaves of the European Union and the Germans .
I understand your point but we are already slaves of everybody... We're not producing as a country, we're importing everything... Even the grain... This is ridiculous 😢
The USA invaded Greece without firing a single shot. They are doing everything to scare greek people with the Turkish invasion.
😂
Our country has been slave of everyone because of Erdogan. I think you are a troll.
@@hellios11 a Greek who saluts Erdogan and Turkey... Wtf man😂
We visited Turkey, Istanbul for the first time last month, for 5 days, it was very expensive due to inflation. Everything we brought, was double or triple the price. But it was a one time experience for us. In the future, we would like to go out other parts of Turkey but that is in the future when the cost goes down.
The cost will not go down because what was before is deflation meaning they were buying higher and selling cheap, sure people like it when it's deflation and hates inflation, that's normal but it's not good for the economy of the country as a whole,
In Turkey, the prices rise not because the central bank printed so much money but because they buy commodities from other countries in dollars and it's the US that printed so much money and exported its inflation to the rest of the world,
It would be nice to go back when the prices are not that high, but all in all, Turkey is a wonderful country!
Turkey will become Argentina soon.😂😂😂😂😂😂
Inshallah
Argentina is finally turning things around....till the next election.
Power of secularism🐷
Evet maalesef ülkede tarım bitti hersey 1 ayda zam geliyor enflasyon %90 seviyesinde
@@mrbeaverstate no it isnt
Since Turkey is a major manufacturing hub, it makes perfect sense to keep interest rates low. By keeping its interest rates low, the idea is to make borrowing funds cheap for Turkey's hord of manufacturers. This would boost the supply side of the economy, which would translate to cheap goods and services. This scenario would've been the normal turn of events. Turkey's current high inflation rate might be due to other economic factors.
I have been Turkey for almost 10 years, i came there when $1=1.75₺.
Now $1=33 TL
@@necatitoparlak285434
I remember when I first went there it was 1$ to 6 lira now it's $1 to 40 lira
@@assassinwarlord4293 1$:34
This video focuses on Istambul prices.
I am now spending my holiday in the city of Antalya and it is not as expensive. I can absolutely recommend it, it is cheaper than my city, Budapest.
In my opinion, you should learn how to diversify your income streams especially now when they are tons of investment opportunities. For me I invest outside being a dad and my job and one stream earns me 205% profit weekly. I could invite you
@@Zfancy-d2o OMG , Crooks Are Everywhere . . H e l p . . !
It is completely legit and legal and it works for me , that’s the important part
I was in turkey 2 days ago.. awful experience.. you will get scammed starting from the airport taxi.. every store will scam you and all the taxis will scam you.. its chaotic and public transportation is terrible.. there is nothing special in that country
Why did you go, if there isn't anything in the country.
What a pathetic commenting that there is nothing special in that country.
I agree the taxi drivers are scammers and i have also been ripped off but get a grip, writing utter nonsense that Turkey isn’t great
@@tajamalrafiq3651because it’s social media. Turkey is overrated and people are knowing about it
@@tajamalrafiq3651 i got scammed again in their tourism advertisement.. it is every where..
Yes, I am a Turk and that is true and we complain about it.
As I’ve always said , if merchants in holiday destinations want to keep tourism flocking to their location they have to keep prices down AT ALL costs. If not then let them fail and go bust. I’ve zero sympathy for them
OMG I am going there in a few days because I went there a few years back and prices were great! I am skrewed!!
I believe businesses are simply exploiting tourists and using inflation as a convenient excuse. I understand raising prices to match and mitigate inflation as the Turkish currency keeps losing value, but these prices in relation to stable foreign currencies such as dollar or british pound should have remained relatively similar
I was there a few weeks ago. My god everything is so expensive.
Excellent video! it's not the government that covers those discounted meals. It's the municipals under the government of the opposition party which is quite a big difference
so currency change is 350% in 3 years but price hike is 850% ?
i don't understand how breakfast for 2 could be 37 euros,that is more than in Paris
Actually the inflation number s you see on everywhere is official , the unofficial inflation is the one we live and feel. İt's way more higher than what u see.
😂😂
How about value of lira,is there unofficial currency exchange too?
No, government institutions calculate inflation according to the products they want. And they set the rate they want @@danieleverywhere132
@@danieleverywhere132no
because it's a full turkish breakfast. not like a croissant and a coffee. try to get the same amount of food in europe and it would be 100 euros at least.
This video explains why its too expensive everything in Turkey, full of scams and the locals are all looking extremely miserable like as unwelcoming tourists. Good video 👍
thanx uptin. luv your reports
Even when you can exchange more turkish lira, it seems the same and probably more. because all products become more expensive.
In my opinion, you should learn how to diversify your income streams especially now when they are tons of investment opportunities. For me I invest outside being a dad and my job and one stream earns me 205% profit weekly. I could invite you
This economic crisis should be taught in Universities as “What happens when a country is run by one person who has all the authority and no responsibility” The people deserve this because they voted yes to this one of a kind government system.
Do you think the inflation will go down if they changed their President?
@@uptin idk
@@uptin😂😂😂😂 this man think he is economist
@@Goku65027 I'm not an economist, but I know that Erdogan isn't.
In fact economists from all around the world are laughing at his "theories"
@@uptin Sure. Pending new goverment to be able to reassure stability. As you said its like stock market. Say your company’s CEO’s actions of 20+ years brought it to near bankruptcy you would replace them with someone who can restore the faith in the company.
Tourists should come to Thailand now. We are not as expensive as Turkiye. 1 lunch you buy in a restaurant in Turkiye, you can get multi foods in Thailand for the same price.
A lots of things more expensive than Norway
Some prospects are important to understand here.
1. Turkey is one of the developing countries where living standards are good. Besides Turkey have great potential to be the developed industrial country in limited time.
2. Turkey because of it’s position, history and policy development is so much attractive to international community. But Turkey has not been that successful when it comes to application. For example Turkey’s second home program has attracted huge investment in real estate but such so the real estate price has gone up to 180% in Istanbul, which is great burden to locals. In that manner Turkey could have attracted investment in manufacturing, agriculture and of course in tourism infrastructure development. Medical tourism can also be important in that list.
3. Following the previous point Turkey also failed to be an international financial hub. It’s banking and financial institutions should have gain more exposure.
So still now it’s not late work on these issues. Turkey is a beautiful country of nice people.
Turkey should learn from India, here in last 3-4 yrs almost all food items, necessary commodity, pulses, grains prices increased upto 100% but government data still showing inflation is 5-6% 😂
😂😂😂😂😂
😂😂 other then cooking oil which item got 100% increase mr liberandu....
Even cooking oil is back to pre corona prices now
@@Nitish.Singhal are lodu hv you bought ever pulses or rice other items or only eat never cooked after 2014 or even 2020
You are a lefty troll. Fake news.
Hire modi PR team, all graduates of trump university
Great content as always, Uptin
Thanks!
watching this from my rented modern clean 1 bedroom condo in Bangkok with roof pool and gym for 280 $/month soon i will go down and eat a good breakfast for under 2 $ and a freshmade healty fruit smoothie for under 1$ think i go watermelon and mango this time after that some gym and going to work
👍
But what you want is not a vacation but cheap slaves, you want to work like a dog in the field and produce dragon fruit for 0.15 cents and give it to you for 1 dollar in the hotel, Turkey is not Bankok, it is not a slave, this is a European country, it will be the same as the price you pay in Paris
Brother is that really true, I'm a TH-camr, I'll move if it's this cheap
@@limitlessoroosh alot of digital nomads move to thailand yes..cheap food rent and good life.
And cheap internet too ..
do some research.
@@gmm5550 thanks brother
So should I buy Turkish lira? Will it ever get better?
I thought about it last year but I would've lost half of it by now. I wouldn't have minded but if I wanted to invest, I want it to earn money.
Well my advice is both yes and no. You should get Turkish Lira and then get an interest out of it right now Turkish Central Bank raised the interest rates in order to stabilize exchange rate fluctuations. Best opportunity for foreign investors. In the long term you should decide to keep it or exchange it back to another currency or any other instrument based on the government policies.
Turkey has become more expensive than the UK
Meat prices the same are in Switzerland. Crazy.
Only tourists in Turkey feel the economic crisis in a strange way, we receive a fixed salary of 600 dollars and there is no difference, what you eat for 135 lira is 1000 lira but the salary you received as 1500 lira is now 17.000 lira
better buy Gold and Silver
I've seen this happen in other countries too - when money loses value, people spend more and save less.
That's why Turkish citizens are 1 of the largest Asylumseekers in Switzerland 😂😂😂
Send them all back. They voted for it
Lol I didn't know that
all of them are kurdish 😂
@@theKaia they are still turkish citizens
@@Cazu_Orddu_Medea it's true Afghanistan 1 Turkey 2 Kurdish are Turkish Citizens look it up
There is inflation in Turkey but there is also greedy inflation in Turkey which is the worst
In my opinion, you should learn how to diversify your income streams especially now when they are tons of investment opportunities. For me I invest outside being a dad and my job and one stream earns me 205% profit weekly. I could invite you
I went there last month. Everything is priced so high now that the value of their lira currency has plummeted so terribly much compared to eight years ago when I first visited Türkiye. And so you would see more and more scamming attempts coming your way. It automatically becomes less and less attractive now for me personally.
😮 I agree. Lot of scammers
Hey! I love your videos. Please create a short about Türkiye showing what you paid three years ago and now. 🇹🇷 I’d love to share it with my friends and family. I’m a Canadian living in Türkiye for the past 8 years. I hear family back home complaining about inflation but to be honest they have no idea.
Hey! It’s already posted on my videos
We went to Istanbul in April, the Hagia Sophia was €50pp. So would have been €300 for the 6 of us, needless to say we didn't go. We spent more in Istanbul than either Vienna or Paris.
Wait they started charging for entry? I'm confused because they made it from a museum to a mosque few years ago. Last time I went there I didn't pay to visit.
@@katerinag3537Yes, 25 euros. But I believe the area where people pray is free.
Food, rent, house, auto insurance prices doubled in USA since Covid. 100 percent inflation.
Wow that is american prices there now. Not cheap
Yes.. absolutely
Love erdogan ❤
USD trade currency
Yeah ... I should stay in U.S. and eat Mcdonalds!
@@uptincan you make video on America? What the dollar performance now
Everyone who visits Turkey only has nice things to say about the country, its people and the culture. That’s why it is really sad to see them struggling in this economic crisis. Hope the turnaround happens quickly and Turkey doesn’t go the way Argentina has.
I dont think everyone had good experience in turkey
the tourism sector is going to stop to a stand still because tourists are complaining badddly !
wages are a price: they're the price of labor.
🏡Imagine paying $460 in 2023 and then suddenly being forced to pay $792. There's no way to object because that’s the market value now, thanks to inflation.
For years, the Turkish government restricted the amount a landlord could increase a tenant's rent to 25% (rent control). That rule ended in July 2024. Now, landlords can increase rent annually based on the official inflation rate.
Also please note that salaries haven’t increased to that extreme.
Nothing to be surprised, i am 49 years old, and since i was in life, i have witnessed that this country has always been like high inflation. Nothing new.
Really? And was it like hard living there even then?
@uptin non of us have mortgages, non of my relatives have mortgages, all of them own their homes. It's a great place to live for the one that works as the whole family.
@uptin what I am trying to say is that on every inflation the minimum wages also goes up. This is normal in Türkiye.
@@NotTooExtremedediğin doğru kanka da bi insan ev araba sahibiyim diyip şükretmemeli bence o dediklerini başarı saymamalı, put gibi yaşlanıp ölüyor insanlar geçimini tamı tamına zar zor geçirip belli bi yaştan sonra
Tour operstors have lowered their prices becasue tourists are finding Turkey too expensive. Tourists have complained for too long the prices are now obscene and the greed has taken its toll. What can stop inflation is stop printing the lira and letting the central bank have its autonomy so they can control the economy with the tools they have. The governemt has been doing the opposite of what it should do. It seems that population of countries vote against their best interest everywhere.
Great video, thank you for making our voices heard. But I want to make a correction. The anti-inflation City Restaurant, which you show in the video, where cheap food is sold, is not owned by the government and President Erdogan. Istanbul is currently ruled by the main opposition party, and these restaurants are opening in cities governed by the main opposition party as part of the fight against inflation for the poor and students.
3 years ago a house in Texas was about $250,000. The same house now is $450,000. Fuel was $1.30 per gallon. Today it's about $3.00 per gallon. Its not just Turkey man.
😂 in France for 200 K you can buy a toilet room man 😂😮
@@DansTonQ lol
Ergodan or Biden? Both are bad.
What doesn't make sense all those prices he mentions are the norm in many other countries, so that means Turkey used to be in deflation and now the prices are inflated to adjust to the norm,
No, because salaries are still incomparable with European ones.
The people wanted it. They voted for Erdogan. They want these high prices.
you're so dumb
%48 not voted for Erdoğan
has nothing to do with Erdogan. The tourism in Turkey is ravaged since Corona-shutdown. European tourists and US-tourists don't have the money anymore to go to Turkey, cuz the Inflation also massively increased the prices in Europe/USA. Broke people can't fund tourism
So would you prefer to be ruled by America or an economic crisis? You have already chosen the first option.
Gona be like iran
I went in Istanbul and decided to stay in rbnb, so i went to supermarket for preparing breakfast dinner etc as i found eating outside expensive. I was literally shocked with the prices at supermarket so i decided to ask a local for a cheapest shop to buy things, well guess? What i visited was the cheapest. So i discovered that basic things in this country is expensive, some of them even more that in Germany where i live. I felt sorry for the locals as i know their salary is not something significant.
Indeed true! The prices has tripled compared to when I visited in summer 2023.
How much did you spent in a day way back 2023?
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The minimum salary in USD has reached an all-time high, and government workers' salaries have seen significant improvements in comparison. However, the major challenge lies in the high cost of living in Istanbul. Moving to other parts of Turkey offers a much easier life with affordable living expenses and decent food. The real problem is that the gap between people is expanding due to disparities in income distribution and economic opportunities. The tax system is not effectively capturing all income, leading to a significant portion of economic activity being informal. This informal sector not only evades taxes but also increases the demand for goods and services, contributing to inflationary pressures. For example, some individuals earn substantial income through informal, cash-based transactions (like selling goods or properties) without paying taxes. Meanwhile, white-collar workers in formal jobs face high automatic tax deductions, sometimes up to 40% or more. This disparity in tax compliance creates inequities, reduces government revenue, and distorts economic activities, potentially leading to inflationary pressures and economic inefficiencies.
it seems so many countries are being afffected by inflation first zimbabwe, then venezuala , agentina now turkey
U forgot Nigeria. It's terrible here esp this last 2yrs
And more and more countries are feeling it the inflation the most
Zimbabwe, Venezuela, Argentina, Lebanon or Turkey were/are not experiencing a typical inflation (from overheating demand or a supply shortage). Hyper-inflation is due to a collapsed currency based on mismanaged economy and lack of credibility. It's a bank-run on a nation-wide scale. If I'm not mistaken, Ecuador and El Salvador chose to Dollarize because they couldn't overcome the hyper-inflation.
Turkey is supposed to be a modern country though
@@yo2trader539spot on hyperinflation is always caused by political issues.
I'm not sure this video addresses why "hard currency" inflation is so high in Turkey.
I wonder if the higher prices show more in tourist areas because that's pretty crazy for cafes/restos to be 3-4x more expensive now when converted to USD. If that's true everywhere in Turkey then I don't know how regular Turks survive.
majority of turks have family members in foreign countriesthat send them a little money each month. it's always been this way
Everyone is just trying to survive and work in other countries to send money to their homeland
we were near pendik and the prices are also high , outlet via port is not cheap also restaurants are expensive
They have high salaries now, they dont work for 300$ dont worry
@@uptinthats gross exagerration.
I tell you what does this mean for Turkish lira. This is called hyperinflation at it will cause devaluation of the currency.
They voted for this guy so they must love what he is doing to them
or they have the best weed in the world and gets delivered home for free. 😂😂
It is not the government operating the "kent lokantası". It is the Istanbul Municipality.
I'm currently on holiday in Turkey and you can definitely see how demoralised the locals are. The country used to be extremely good value, but can say that period is over! Have paid £22 for 3 small 33cl beers in the local bars. Sad, as i loved holidaying here, but i think a lot of people will stop comming in the future.
wow Switzerland prices, thanks infinitely for sharing this with us, I don't go there for spending too much
definetly Switzerland prices.
it is a ruined heaven now