Officially, government debt last year amounted to a manageable 30 percent of annual economic output.But Turkey’s financial workings are opaque and vulnerable to political manipulation. They recently sold 20 of their 50 cars at a steep loss.At Falez, a seafood restaurant on a hill with a commanding view of the sea, the owner, Dursun Ali Hacifazlioglu, 56, worries that his business will not survive. “The government is so wedded to this consumption model this will ultimately lead to an economic breakdown.”During his 16 years in power, Mr. Erdogan has proved a maestro of economic growth, using influence over the financial apparatus to steer credit to his cronies in the construction industry.
They have erected monuments in his honor — a new Istanbul airport, high-rise office towers, and an ever-expanding trove of shopping malls and resorts.But as international investors have taken note of the mounting debt produced by this development, they have fled. Prices are rising, and shoppers are pulling back.Idil Ozbek and Muhammet Tasli, founders of the design and furniture store Hamm Design. Being the country's largest industrial center, approximately 35% of the country's industrial labor is employed in Istanbul.Istanbul is Turkey's largest industrial center. No longer.His cellphone comes to life with a musical ringtone — Lionel Richie’s “Easy.” His brother is calling to let him know that friends are arriving from out of town.
Istanbul and its vicinities have a diverse industrial economy, producing commodities as olive oil, tobacco, transport vehicles, electronics, cotton and silk. That should prevent the lira from falling further, limiting inflation. It now has seven shops. It has slashed purchases of tea from local farmers, depressing commerce in surrounding towns and villages.“Everything is connected,” laments the mayor of Arhavi, Vasfi Kurdoglu. Until a recent increase, Caykur, a state-owned tea company that dominates the industry, has maintained low prices under pressure from the government. “The Lipton factory closure is the worst thing that has happened.”Construction cranes in the Karakoy neighborhood of Istanbul. “The public debt numbers are a mirage.”The savviest companies are exploiting weakness as an opportunity. Also food processing, textile production, oil products, rubber, metal ware, leather, chemicals, pharmaceuticals, electronics, glass, machinery, automotive, transport vehicles, paper and paper products can be regarded as city's major industrial products.A travel portal for destinations, activities, guides, blogs, hotels, tours, vacations, events and more for a perfect Turkey experience. Istanbul is Turkeyâs economical capital and the biggest industrial center.
He has famously argued that high interest rates cause inflation, which is like blaming abstinence for a hangover. Partnerships between the state and private companies have kept debts off government ledgers.“These major projects, when they fail, it’s going to be the government that is going to have to bail them out,” says Mr. Hakura, the Chatham House expert. Dec 23, 2019 2020 Economic Outlook (December 18, 2019)(PDF/516KB) Mar 18, 2019 The Japanese economy: topic of the month -The positive effect and challenges of Japan's work style reform- (March 18, 2019)(PDF/299KB) Feb Economic growth is minimal, and anxiety considerable amid the sense that more trouble lies ahead.This is playing out as Turkey contends with political uncertainty after the For Mr. Erdogan, all available choices entail peril.Most economists maintain that he must accept interest rates above the now-stultifying level of 24 percent to dissuade investors from abandoning Turkey. His electricity bill has climbed along with the cost of fish and vegetables.“Tourists are decreasing, and local people are eating at home,” he says.The greatest source of concern centers on tea, the dominant local industry.In April, Mustafa Yuksel, head of the union that represents 400 workers at three Lipton factories, received word from the company that it would not resume production at the Arhavi plant once the harvest began in May.“I asked why?” Mr. Yuksel recalls. As the financial capital of the country, Istanbul's annual contribution to Turkey's GDP ($389.4 billion in 2013) is about 39%. Turkey’s current account deficit swung from a USD 1.1 billion surplus in May 2019 to a USD 3.8 billion deficit in May 2020 (April: USD -5.1 billion).
The drop has lifted the prices of imported goods, from fuel to fertilizer, yielding inflation running at 19 percent.From corporate offices in Istanbul to open-air markets across the nation, frustration over rising prices has gained force, reinforcing thrift and diminishing national fortunes.“If people were going to buy two kilograms of fruit, now they buy one,” says Fuat Kar, tending to his produce stand at a market in the blue-collar Istanbul neighborhood of Silahtaraga.The price for his cherries has soared from 6 lira a kilogram to 15, as farmers charge him more.
Yatırım Yoluyla As recently as last year, its sales were doubling.This year, sales are down by one-third, while the cost of raw materials has soared. イスタンブールの2019年最新治安情報は？ The whole area around here is worth a visit.
“Work is going up. Reha Medin Global, a real estate company with offices in a dozen Turkish cities, has seen domestic sales plunge given weak spending and mortgage rates running above 20 percent a year.“Everybody is waiting,” says the company’s owner, Tamer Cicekci, 41.But his business has grown by focusing on buyers from Iraq, Iran and China. Mr. Erdogan has tapped state-owned banks to finance favored projects. He fired the central bank chief precisely because he refused to lower rates, according to All signs now point to Mr. Erdogan’s forcing interest rates lower, while pumping credit to Turkish businesses and households. Sales to foreigners have increased 40 percent over the past year, Mr. Cicekci said.But the forces of decline are so potent that even successful companies are vulnerable.Since it opened its first retail furniture shop in 2012, Hamm Design has been embraced by Turks who favor its retro chic sensibility.
Mr. Ataselim’s face tightens uncomfortably.“I can’t do it,” he says. Fun is going down.”Harvesting tea in the hills above the town of Arhavi, Turkey.
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