Turkey In 2023 - An Economy on The Brink?

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#Grammarly

Turkish voters return to the polls this weekend to choose a president. Before the first round of the election, polls suggested that voters were evenly divided between the two biggest parties. However, Erdogan’s unexpectedly strong first round has put pressure on the Turkish lira and knocked other Turkish assets ahead of this weekend’s runoff vote.

The official annual inflation rate in Turkey was 43.7% as of April. This is actually down from the 80% inflation rate that Turkey saw the prior year. In today's video we ask how will Turkey's election shape its economy?

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Patrick! I totally agree with you that Erdogan's (impressive but temporary) economic fixes are increasingly at risk. Thanks for the shoutout. As it so happens, I am just now working on an update video to the one you mentioned.

All the best,

Joeri

MoneyMacro
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I've been an American working in Turkey for the last 18 months, and prices have tripled since I arrived. I get paid in dollars and lira. I spend the lira for goods and save the dollars. Problem is, as the lira drops, so does my overall paycheck. I will be leaving at the end of June. I actually like Turkey and wish the best for the people and the economy. Unfortunately, it doesn't look good moving forward.

cwburntorange
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As someone currently living in Turkey (not Turkish), the official inflation figures are a joke. Since October I've seen the price of a bottle of Coke go from 14 lira to 27-30 lira, and since January 400g of beef mince went from low 40s to over 90 lira. These are only 2 of hundreds of examples. I'm glad I don't get paid in lira, but the poor locals are fucked. The only saving grace is my rent is in lira, so I've seen my rent come down about 10% in real money...

Edit - a couple of stray letters from my swipe keyboard and lack of proof reading. I'm sure I missed some other errors too...

LiamNI
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GD I wish I had shorted the Lira back in 2012 when I did a risk report on Erdogan for my employer, and was fired for arriving at the assessment he was a HUGE risk and would set fire to the currency. Lesson learned.

coonhound_pharoah
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Giving your entire government a 50% raise as a method to counter inflation... is very uh

m.streicher
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The fact that Erdogan is still favored to win the election, despite all this is what is interesting to me.

annaczgli
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I've lived most of my life in Turkey and I'm always astonished at how badly researched videos made by foreigners can be. Not so Patrick Boyle. Sir, you have won my trust

joelthomastr
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This is financial advice and I never give financial advice: DONT LEAVE DURING THE BEAR. If you don’t want to invest…learn. If you don’t want to learn…build. If you don’t want to build observe. DO SOMETHING…other than leave. There is so much opportunity here. Take advantage!

lailaalfaddil
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It's amazing how often vote buying works, it happens even in strong democracies all over the world. The other thing that always amazes me is how smart people don't understand monetary policy, my dad has a career of solid business experience but still is extremely angry at the raising of interest rates to control inflation (we're in Canada)

davec
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Excellent video. PATRICK breaks down every detail! Thanks!

saskhiker
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"Nah, it'll be fine" 
- majority of Turkish voters

DBKarel
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Would love to hear your take on the situation in South Africa.

WodY
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Why anyone would invest in Turkey after Erodgan said God told him that inflation would be reduced by lowering interest rates is beyond my understanding.

badluck
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Madness. What about doing a video on what’s going on in South Africa?

peterbarlow
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As a Zimbabwean i felt that statement 😂😂😂...

MrVidman
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My favorite finance commenter is doing a video about my country, cannot wait to watch!

kaandervis
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When a leader invokes religion into economic policy that's the first sign that the economy is going downhill

davianoinglesias
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To add to the interest rate policy, right now interest rates are as high as 40-50 percent while policy rate is 8.5. No one even cares or talks about what central bank is announcing. So he couldn’t even lower the interest rates and caused all this.

AOguzAOguz
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Thank you for how bad and selfish a policy maker can be in a country. Things need to change fast

cagrkaramuk
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I actually chocked in my drink a bit: "80% inflation"... WTF

FrostByte