TURKEY ECONOMIC PROBLEMS IN 2011

TURKEY ECONOMIC PROBLEMS IN 2011

When I observed the Turkey economy in 2011 there are few things are becoming more and more problematic nowadays. Here I address the following problems in Turkey

(i) Investment into technologies and human capital are still trailing international averages. Turkey people are still far from understanding the importance of innovation and creative thinking. I observed Turkish people have immense potential but they do not capitalilize it as much as they should. The sense I get is that Turkey people are being discouraged from creating new ways of thinking, due to cultural and religious norms etc.

(II0 The current account deficit is high due to high oil imports but also due to the fact that most Turkish businesses are producing exports that are highly dependent on mid-level imports. They mostly produce consumer goods while importing the machines necessary to produce them from abroad. Whenever Turkey advances to the stage when it can produces the machine that produce the machines, they can tilt the export-import balance towards higher level of exports like Germany (iii) Also the EU has proved to be a very stable and good anchor for economic development of the country. So I think the Turkey government would be foolish to discard the EU over irrelevant issues like personal differences and grudges.

(iv) Turkey government should reduce the fiscal vulnerabilities, increasing liability dollarization and increase the maturities of the debts while attracting more FDI than the so called "hot money"

(v) The Turkey government should encourage women to involve in the business. Turkey women are not involved in the business life as much as they should do. Istanbul is highly crowded business wise but rests of the cities are far from it which creates huge societal problems like internal immigration, cultural and income differences etc. The Turkey government should address this issue to enhance business activities around Turkey.

(vi) Turkey people are simply encouraged to spend beyond their means via attractions like the shopping fest that aims to increase consumer spending. It can make GDP look higher than the healthier level. The bottom-line is if the investments don't match the increasing debt ratios, it becomes very problematic as to who is going to pay for the debt levels that are accumulated.

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