Cyprus-Forum.com

[Lordo]

noooo of course not, he has to learn to drive the c5 mummy got him 10 years ago.

I don't like French cars.

c5 is not a french car you uneducated uncultured swine. it is british produced by sinclair.

http://www.google.co.uk/imgres?imgurl=h ... AQ&dur=109

[Demonax]

Another indicator that the Turkish economy is on the slide...

Turkey’s PMI: sinking

Turkey’s purchasing managers’ index joined Russia’s in dipping into negative territory on Thursday, in further evidence of sluggishness in the economy and of the fact that, while some countries on the edge of Europe are showing signs of renewed life, others are still stuck in the mud.

Turkey’s manufacturing PMI from Markit Economics and HSBC fell to 49.8 in July from 51.2 in June, its first dip below the 50-point mark that separates expansion from contraction since July 2012, even though the companies polled said manufacturing levels were broadly unchanged.

But companies also reported slowing aggregate market conditions and declining orders, down for the first time in 11 months.

Domestic demand has been hit by falling consumer confidence in the wake of the recent protests in Turkey, while volatile exchange rates and regional instability have hit exports.

Burcu Unuvar, senior economist at Istanbul brokerage Is Investment, says the weak consumer confidence is particularly worrying as it comes in spite of interest rates being close to historically low levels.

“Rates are low but people are less eager to spend,” she says, pointing to the recent volatility of the lira coupled with low expectations of recovery in Turkey’s core European export markets. And she says private sector investment has been weak because of front-loaded investments made in 2010 and 2011.

Worse, Unuvar points out that as much as 2.9 percentage points of the 3 per cent growth Turkey recorded in the first quarter was attributable to public sector spending.

“It’s too early [in the election cycle] to attribute that to a pre-election spending but with Turkey’s external deficit, the government has to be careful,” she says.

And she says the one positive note in the Markit report – that workforce numbers continue to rise – is no reason for celebration.

“It’s not clear why that has happened,” she says. “In part it can be down to public sector investment, but part also can be due to greater pressure on employers to register employees. What is clear is that given the current conditions we can expect employment levels to deteriorate as well.”

With youth unemployment already as high as 18 per cent, she says, Turkey desperately needs economic growth.

However, given current conditions of weak demand there is no short-term panacea and after recording growth of only 2.2 last year Turkey can look forward to two more years of sub-potential growth. Is Investment predicts growth of 3.3 per cent this year and of 3.5 per cent in 2014.

http://blogs.ft.com/beyond-brics/2013/0 ... z2ajKBkXDk

[Lordo]

and then it will go up to 7 percent.

[kentish]

thats it terkey has had it. terkis economy is aboit to collapse. very important decison by ford will have devestating effect on the terkish economy in the next 20 years.

decision - ford is switching their van manufacturing in europe to terkey.

today i am very sad for all you fanatics - just another nail in the coffin of cypriot fanaticism.

Lordo should become Erdogan's economic advisor.

Do you think Ford is sifting some more work to Turkey from Europe because Turkey has a strong economy, Lordo?

No Mr Economy Minister of Turkey, it's because Turkey has plenty of cheap labour laying around who can do the work at 5th of the cost. It just means more profit for Ford and some more employment to the 35%+ unemployed in Turkey. The fact still remains however, that the bulk of the high tech parts of ALL the vehicles manufactured in Turkey which are foreign brands, which means ALL vehicles really, are ALL manufactured and assembled such as engines, gear boxes, electronics and so on abroad and then shipped to Turkey to be assemble with the non high tech parts manufactured in Turkey, therefore the bulk of the high tech salaries are paid to those outside Turkey. To put it in terms that you might understand, Lordo, the cream of the milk is given to the workers outside Turkey on these vehicles and the rest are given to the workers in Turkey.

you lack credibility son. 35%+ unemployment in turkey

[kurupetos]

noooo of course not, he has to learn to drive the c5 mummy got him 10 years ago.

I don't like French cars.

c5 is not a french car you uneducated uncultured swine. it is british produced by sinclair.

http://www.google.co.uk/imgres?imgurl=h ... AQ&dur=109

Citroen C5, you fool. http://en.wikipedia.org/wiki/Citro%C3%ABn_C5

[Demonax]

Erdogan taking revenge against Turkish companies no matter what the cost to the economy:

The audit of the Koc group would last at least six months and at most one year. As a result of the audit, Koc Group could face cancellation of its licenses in energy and be punished with high fines. Daily Taraf noted that the Koc group could well be under audit still during the 2014 local and presidential elections. This is no doubt a sword of Damocles is swinging over the heads of Koc.

After a similar tax audit, Dogan Media Group, whose policies Erdogan did not like and had asked the public in 2008 openly to boycott its newspapers, was fined in 2009 by an unprecedented 4.82 billion lira [$2.5 billion] and subsequently was forced to downsize by selling two of its newspapers and one TV channel.

Like Koc, Dogan was the biggest in its sector. Targeting the biggest to intimidate all smaller groups is a tactic Erdogan successfully employs.

Five of the biggest 10 companies in Turkey are in Koc Group. Among its partners are world giants such as LG Electronics [Arcelik], Ford Motor Co. [Fort Otosan], UniCredit Group [Yapi Kredi Bankasi] and Fiat Auto SpA [Tofas Turk Otomobil Factory].

I am going to conclude by quoting the concluding paragraphs of an article by economics writer Ugur Gurses in the daily Radikal of June 26:

“This image of witch hunt is propelling Turkey to become a third-rate economy. With this outlook you can neither establish a financial hub nor appear as country that could attract the direct investments it needs. This is the specter of a third-rate economy.”

http://www.al-monitor.com/pulse/origina ... z2akotZNKZ

[Lordo]

noooo of course not, he has to learn to drive the c5 mummy got him 10 years ago.

I don't like French cars.

c5 is not a french car you uneducated uncultured swine. it is british produced by sinclair.

http://www.google.co.uk/imgres?imgurl=h ... AQ&dur=109

Citroen C5, you fool. http://en.wikipedia.org/wiki/Citro%C3%ABn_C5

dont be stupid he is not old enough to drive a normal car. his little leggies will not reach the peddles. what you want to have an accident.

[kimon07]

Still better than Greece and south Cyprus.

Current Inflation rate Turkey 8,3%
http://www.tradingeconomics.com/turkey/inflation-cpi

Cyprus 0,08%
http://www.tradingeconomics.com/cyprus/indicators

Greece 0,40%
http://www.tradingeconomics.com/greece/indicators

[kimon07]

Ho no Turkey is about to explode into thin air, keep on dreaming.

No! We shall let YOU do all the dreaming.

Ankara's "Economic Miracle" Collapses

Changes in Turkey
by David P. Goldman
Middle East Quarterly
Winter 2012, pp. 25-30 (view PDF)
http://www.meforum.org/3134/turkey-economic-miracle

The truth about the credit bubble nature of the Turkish economy that Erdogan created

Submitted by Guzel Ankara (United States), Jun 4, 2013 at 06:57
Daniel Goldman, who writes under the pen name of "Spengler", has this to say about the Turkish economy:
" Erdogan did not preside over an economic miracle - contrary to the credulous estimates of many Western observes - but arranged, rather the usual sort of Third World credit bubble, which has left Turkish consumers to tighten their belts in response to a devastating debt burden."
"Erdogan's bubble recalls the experiences of Argentina in 2000 and Mexico in 1994 where surging external debt produced short-lived bubbles of prosperity, followed by currency devaluations and deep slumps. Both Latin American governments bought popularity by providing cheap consumer credit as did Erdogan in the months leading up to the June 2011 national election. "
"Turkey's economy, oddly vaunted as the next China, relies on low- and medium-tech exports to Europe, the Arab world, and the former Soviet Union. It grew as a cheap-labor outlet for European and some Asian manufacturers and sank as the European economic crisis, Russian economic stagnation and disarray among Muslim trading partners shrank its markets. It has a lower rate of high-school graduation than Mexico and an enormous informal economy. A few Turkish universities teach to world standards, but Turkey has nothing to compare to the talent pool of China, Taiwan or Korea. "
http://www.danielpipes.org/comments/206667

TURKEY - THE END OF THE ECONOMIC MIRACLE ILLUSION

Turkey looks more like a middle-sized bubble. The real economy is not so good, people are not enough wealthy, and the real economic growth is very vulnerable to be consumed by the inflation. So people in Turkey are not living as good as the economic propaganda claims. One of the most serious evidences in this direction is the enormous number of Turkish emigrants and guest-workers to EU (mostly – Germany).
http://dobrisratings.com/index.php?opti ... Itemid=111

Turkey’s Debt-Ridden Growth

30/04/2013 BY ERINC YELDAN
Over the last decade, as the “great moderation” was transformed into the “great recession” it would not be a mistake to portray the growth process of the Turkish economy as “a gradually-deflating balloon, subject to erratic and irregular whims of the markets”. Yet, if so, the real question becomes: what is the source of this speculative growth?
http://www.social-europe.eu/2013/04/tur ... en-growth/

Turkey’s economic lie

Op-ed: Turkey no economic powerhouse, Erdogan’s credit bubble will soon explode
Guy Bechor
Some refer to him as “the Middle East’s new sultan in a neo-Ottoman empire” – yet the truth about Erdogan’s kingdom is utterly different. We are not facing an economic power, but rather, a state whose credit bubble will be bursting any moment now and bringing down its economy.
The budget deficit of the collapsing Greece compared to its GDP stands at some 10%, and the world is alarmed. At the same time, Turkey’s deficit is at 9.5%, yet some members of the financial media describe the Turkish economy as a success story (for comparison’s sake, Israel’s deficit stands at some 3% and is expected to decline to 2% this year.)
http://www.ynetnews.com/articles/0,7340 ... 72,00.html

[Lordo]

Still better than Greece and south Cyprus.

Current Inflation rate Turkey 8,3%
http://www.tradingeconomics.com/turkey/inflation-cpi

Cyprus 0,08%
http://www.tradingeconomics.com/cyprus/indicators

Greece 0,40%
http://www.tradingeconomics.com/greece/indicators

of course the inflation rates are low. nobody has any money to buy anything. it should be minus.