Why Türkiye Is Not Fixing It's Hyperinflation Problem | Economics Explained

Comments · 6.1K

• EC

  @EconomicsExplained · 4 years ago · pinned

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• BI

  @birb6505 · 4 years ago

  I don&apos;t know why but I just love his explanation of tourism of &quot;people flying into a country, spending piles of money and then flying out again.&quot;

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• S8

  @S85B50Engine · 4 years ago (edited)

  As someone from Argentina, that part about people trying to use US Dollars instead of Lira to avoid inflation hits too close to home.

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• JD

  @JDsVarietyChannel · 4 years ago

  I sell Zimbabwe hyperinflation banknotes for a living (they&apos;re a big collectors item globally). When Zimbabwe&apos;s economy went completely bust in 2008 and they printed a 100 trillion dollar note, people used The Euro, South African Rand, and USD. Confidence in government is almost completely non-existent and most people keep their money under their mattress.

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• SO

  @sorsocksfake · 4 years ago

  Note: Turkey didn&apos;t change its name. It has been Turkiye for a rather long time, and the English name for it is Turkey. The same way Germany is Deutschland, Austria is Österreich, Norway is Norge, Hungary is Magyar[ország] and Finland is Suomi. <br><br>What changed, apparently, is that Turkey decided to use its local name internationally. For instance on products that will now say &quot;made in Turkiye&quot;. That&apos;s all.

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• RA

  @randomadam7231 · 4 years ago

  Fun fact: We didnt fix our issue because we really wanted Economics Explained to rate our economy and this was the only way we could grab his attention. Now that he gave us a rating the government will increase the interest rates.

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• CR

  @craigevans6981 · 4 years ago

  Tourist didn’t stop going to Turkey in 2016 due to its inability to join the EU. That was irrelevant. In 2016 there were terrorist attacks in central İstanbul and at the airport, in addition there was the failed coup attempt. These virtually killed tourism in 2016 which it didn’t recover from for several years.

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• ER

  @ercanosmanoglu4644 · 4 years ago (edited)

  As a white collar worker in Turkey, the last couple of months were quite devastating. Watching every price tag go higher every day by significant amounts and not being able to do anything about it certainly gave most people an increasing sense of insecurity day by day. Even though the official inflation rate is %36.08 for the last 12 months, independent studies show that it&apos;s simply %80, which I do confirm. On the other hand, the next election is expected to be held in no more than 1.5 years. The government will try to defeat or mask inflation as much as possible. Only time will tell what other genius ideas they will come up with.

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• GU

  @guilhermetavares4705 · 4 years ago

  Turkey reminds me a little of Brazil. We had similar debt and inflation problems. They were two countries on the rise in 2010, but politics destroyed both of them. Here tourism is much smaller, but the oil industry is much more relevant.

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• TH

  @TheAutumnNetwork · 4 years ago

  It is absolutely incredible how Turkey at one point was considered a diamond in that part of that world economically and had so much investment from all over, especially South Korea. The US even considered Turkey such an important place that the govt wanted more Turkish speakers, and would pay you to go there to learn the language and culture due to its growing importance both militarily and economically. Erdogan truly tanked a diamond in the rough and its so sad to see. I have friends there that are in the process of leaving or planning to leave due to lack of opportunities, and these are well-educated and highly skilled folk as well. Just sad stuff all around and I do hope things improve there eventually.

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• EA

  @earlystrings1 · 4 years ago

  The latest Turkish government move, January 3rd, is to require larger businesses to put 25 percent of their forex holdings into Lira. This will be a disaster for import reliant industries, as a convertible currency reserve is their lifeblood. Turkey should take a hard look at Argentina and ask if they really want to go there.

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• MO

  @mojojojo692 · 4 years ago

  Turkey is so unique in terms of many aspects (geopolitically etc.) .Huge respect and loves to Turkey from Australia 🇦🇺

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