TURKEY in Deep Trouble

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In this video I discuss the current state of the Economy in Turkey. Following two consecutive quarters of falling GDP Turkey is now officially in recession. Added to that the latest Inflation data shows that the current rate of Inflation is still one of the highest in the world and interest rates are also extremely high making this a very challenging time for the Turkish Economy.

For specific details please check out the CHAPTER list below.

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Chapters:
0:00 Intro
1:03 RECESSION
1:52 INFLATION
4:10 MONTHLY INFLATION
5:01 INTEREST RATES
6:28 LIRA
7:59 SUMMARY & CONCLUSION

#TURKEY
#russia
#erdoğan
#inflation
#sweden
#ukraine
#nato
#earthquake
#turkeyearthquake2023
#OIL
#GLOBALFINANCIALCRISIS
#RUBLE
#sweden
#finland
#RECESSION
#CHINA
#USA
#NATO
#WW3
#WORLDWAR3

[kaitnip]

Joe always greets us with a big smile and then explain us how everything goes from bad to worse.

[todo]

Erdogan's economic incompetence is staggering, truly a tragedy for the people of Turkey that he ever became a politician.

[jy-az-]

"Contrarian approach" was a very nice way of saying "reckless ignorance"

[mertaytunur]

Love your videos Joe. Love from Istanbul and happy new year to you and your family. And yes the worst is yet to come in Turkey.

[In_Lothiel]

Over the last five years, more than a million Turks have left the country, and most of them are highly educated professionals, doctors, engineers, academics, and entrepreneurs. It’s not hard to see why. The economy has been in shambles with inflation skyrocketing, the lira losing value almost daily, and unemployment climbing. But it’s not just the financial struggles driving people away, it’s also the drastic cultural and political shift Turkey has undergone.

Two decades ago, Turkey looked like it was moving toward a Euro-Asian cultural identity, leaning into its secular and modern aspirations, even talking about joining the EU. Now? That vision has been abandoned in favor of a more Islamic-oriented and authoritarian approach. Religious conservatism is creeping into everything, education, the judiciary, media, you name it. Meritocracy feels like a thing of the past, replaced by cronyism and ideological loyalty.

And yet, despite all of this, nearly half the population continues to support the government. It’s mind-blowing. People are struggling to make ends meet, but they’ll still vote for the same leadership again and again. You can even see it in the comments under this video these diehard supporters have started popping up more and more, even in spaces that cater to English-speaking audiences.

The thing is, this isn’t just about the present. What does this mean for Turkey’s future? With so many skilled and educated people leaving, the brain drain alone is a massive problem. Pair that with an ideological shift that moves further away from secularism and cosmopolitanism, and you have a country that’s losing touch with the vision it once had for itself.

[luvslogistics]

I like the Turkish people, I’ve gotten to know them and they are a very warm hospitable and friendly heart-on-sleeve people. They deserve a better economist than the Islamist dare I say, opposite of Ataturk who was a truly great man!

[jimbobhirstyeshuaslave]

Dear Joe,
Thank you for your reporting and analysis. You are providing a wonderful service to your listeners. I pray for you and your family and crew to keep going and serving as an excellent teaching service. Shalom.

[jojor]

great program as usual. It is always good to see someone talking Turkey.

[hannibalbarca]

As a Turk, I have to say that was pretty accurate diagnosis. This guy doesn’t only speak numbers but he understands and conveys zeitgeist. Indeed, we never stay in Turkish lira because we do not have trust over economy administration. Because we always buy currencies, their price always increase. Turkish lira loses. Turks lose. Economy is trust.

Watch this guy folks

[Chimp_No_]

I find that every one of your videos is essential viewing to keep up to date with world affairs !
Thank you for sharing !

[rccasual]

Being in deep trouble is not something new on these lands.

But being in trouble because of incompetence is hurting.

Turkey has been suffering for years and will always suffer. Import oriented economy, favoritism, corruption. There are thousands of rules and regulations but no-one follows or apply them. If you do it something properly people think you are stupid bcoz There is always short way to get around from everything. There is no doubt why are they suffering. Sad to say as I am Turkish as well. They are not bad people just they don’t have right mindset to success.Thats the issue.

[kfschriever]

Hi Joe, I've appreciated your blogs, but inflation in Turkey is nothing new, when I visited the country in 2000 their inflation was staggering then....how can a country keep inflating its currency yet remain viable as a country? How can you be collapsing for 24 years?

[anthonyburke]

I had planned, “pre-Erdogan” to retire to live in Turkey. On Erdogan being elected, I put my plans on “hold”. However the antics of Erdogan have only become more manic. Erdogan has wiped out the middle-class of Turkey with inflation. The educated and skilled are fleeing Turkey, they won’t go back except for holidays and perhaps when they retire. The embedded fundamentalists in Turkey will drag it into the gutter to rank with other Muslim, non-oil country’s.

[mrbilginc]

Biggest issue is TUIK (Turkisg Statistical Institude) credibility. Those statistics does not represent reality. Independent institutes like ENAG reports around %90 of inflation. Miserable situation..

[clarity]

Great & informative reporting!
Thank you!

[Shambhusah]

Nice analysis, I love watching your videos ❤

[ztoob]

2.2% month-over-month is not 12 * 2.2% (26.4%) annually, but closer to 30%, because it's compounded.

The math is 1.022¹², or about 1.298, or 29.8%.

[joelmccoy]

Turkey has been importing Russian oil and exporting it for a profit.

[hacibaba]

Turkish citizens have entered a vicious circle and a large part of the society is becoming poorer every year. Around 10% of the population is getting richer. Unfortunately, people have to save money for their basic needs. This is a very sad situation and it does not look like it will get better with these populist and arrogant rulers for many years.