Turkey Economy 5-1-24

Turkey is the Muslim nation that sits in between Europe and the Middle East and Asia. Turkey borders Iraq, Syria, Russia and the Black Sea close to Greece, Bulgaria and Romania. 

Nominal GDP $1.114T, Per Capita GDP $12,765, Population 85,279,553, Debt to GDP 33.4%.

Inflation 2021-2023 143.08%, Unemployment 9.1%. Trade deficit $109.52B, Labor force 53.1%.

Urban population is 76%, rural is 24%. Turkey is self-sufficient with food. 

Main Industries include machinery, tourism, textile, electronics, construction, shipbuilding, autos, mining, steel, iron, copper, boron and military equipment.

Exports $255.81B transport equipment, machinery, metal, manufactures, apparel, electronics, foodstuff, textile, plastic.

Imports $361.85B fuel, machinery, chemicals, finished goods, transport equipment.

Trading partners Russia, China, Germany, Switzerland, US, Italy, France, UAE, Spain, S Korea, Iraq, UK, Netherlands

Problems include high inflation, high unemployment, high trade deficit and currency devaluation.

Good news includes gains in Nominal GDP, and low Debt to GDP.

Turkey’s central bank operates independently. They set the interest rates. Interest rates rose from 14% to 50% from 2021 to 2023.  Inflation rose from 19.6% to 64.9% from 2021 to 2023.

Turkey’s Interest Rates and Inflation rates by year illustrates the extent of the damage.

Year  Interest Inflation

2021  14%      19.6%   

2022  27.%     72.3%

2023  50%      64.9%

                     156.8%

The exchange rate for the Turkish Lira moved from 14 cents to 6 cents USD in 2021 and from 6 cents to 5 cents in 2022 and 2023.  Did Soros buy Turkish lira and dump them in 2021?

In 2018, George Soros's Open Society Foundation said on Monday it would cease operations in Turkey, days after President Tayyip Erdogan accused the billionaire philanthropist of trying to divide and destroy nations.

Turkey’s land area is 302,535 sq miles. Texas is 268,000 sq miles. Turkey’s population is 85M. Germany’s population is 83M.

Education and freedom to function are good. Erdogan works to grow Turkey’s free-market economy and avoids extremist Islamic ideology.  Turkey supports Israeli sovereignty.

President Erdogan won re-election in May 2023. He is entering his 3^rd decade as President. He has announced that he will not seek re-election in 2028. The opposition party has gained mayoral seats. He continues to straddle between polarized trading partners.

Comments

Biden’s refusal to increase the energy supply has created untold damage in Turkey and most other countries.

Norb Leahy, Dunwoody GA Tea Party Leader