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What does the IMF’s 4% growth forecast mean?

What does the IMF’s 4% growth forecast mean?

BY FATIH OZATAY It may be thought that the GDP growth rate isn’t important but the share many people have in GDP is declining, they work minimum wage, and the share of uninsured employees to total employees is substantial. I could say that perhaps they would be right if growth rate remained below the potential...

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1st grain-loaded ship sets off from Ukrainian port

1st grain-loaded ship sets off from Ukrainian port

As part of a recent grain export deal signed between Turkey, the UN, Russia, and Ukraine, the first ship has departed from the port of Odesa, according to the National Defense Ministry. Loaded with corn, the Sierra Leone-flagged dry cargo ship Razoni left Odesa at 8.30 a.m. local time (0530GMT), as agreed by the sides...

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Turkish Cargo ranks 4th among global air freighters in June

Turkish Cargo ranks 4th among global air freighters in June

The ranking of Turkish Cargo, the air cargo transportation operator of the national flag carrier Turkish Airlines, rose to fourth place among top global air freighters in June, the company said on Saturday. Citing the World Air Cargo Data for June, Turkish Cargo said its market share stood at 4.8%, while the air freighter market...

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Startup investments slow in Q2

Startup investments slow in Q2

BY SELENAY YAGCI Investments in startups slowed in the second quarter of 2022 (Q2) in Turkey. USD 114m was invested in startups in 79 funding rounds in Q2, according to the startup ecosystem intelligence platform startups.watch. This figure is the lowest funding performance in the last five quarters. This figure was USD 205m in Q2...

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Car exports reach USD 4.6bn in January-June

Car exports reach USD 4.6bn in January-June

Turkey’s car exports neared USD 4.6bn in the January-June period as the country sold vehicles to 97 countries, along with autonomous regions and free zones, according to the Uludag Automotive Industry Exporters’ Association. In this period, the share of passenger cars in the exports of the automotive industry was 30.1%, exceeding USD 4.59bn. France, Turkey’s...

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How has the foreign trade deficit soared: OPINION

How has the foreign trade deficit soared: OPINION

BY ISMET OZKUL Managers of the economy, which started the Central Bank interest rate cut in September 2021, mentioned the ‘China model’. Then, it was renamed the ‘Turkey Model’. These managers, which seeks a rabbit to pull out of a hat to stop the foreign exchange rate (FX) hike, asserted that day that the FX...

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Turkish and Vietnam airlines ink a cooperation deal

Turkish and Vietnam airlines ink a cooperation deal

The Turkish and Vietnamese flag carriers signed a memorandum of understanding to strengthen bilateral cooperation in passengers and cargo transportation. According to a statement, Turkish Airlines and Vietnam Airlines will collaborate on the transportation of passengers and cargo, along with analyzing the opportunity for passenger codeshare cooperation on flight routes between Hanoi/Ho Chi Minh City...

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Norway launches fundraising to buy Bayraktar TB2 for Ukraine

Norway launches fundraising to buy Bayraktar TB2 for Ukraine

Norway has launched a fundraising campaign to purchase Turkish Bayraktar TB2 armed drones for Ukrainian forces fighting Russia. The campaign’s website said Lithuania bought a TB2 in three days and both Poland and Ukraine purchased three TB2 drones in a few days, so “Norway must do the same.” Under the headline “Give a Bayraktar from...

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Risk premium and currency is higher than the 2001 crisis

Risk premium and currency is higher than the 2001 crisis

BY FATIH OZATAY When comparing the current exchange rate and Credit default swap (CDS) premium with the 2001 crisis period, I used February 1, 2001January 31, 2022 and September 1, 2021-7 July 2022 because the 2001 crisis broke out towards the end of February. The first reason that the period ended in January 2002 is...

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Foreigners considering investment risky leave the energy sector

Foreigners considering investment risky leave the energy sector

BY ERKAN CAKAN The Energy Resources Support Mechanism (YEKDEM), which helped to develop the renewable energy sector in Turkey, is no longer quite so attractive. No foreign companies joined the last YEKA (Renewable Energy Resource Areas) tender opened on June 28-29. Domestic investors are complaining about the loss of investment appetite. Foreigners haven’t had a...