The Turkish economic miracle

Reading through some of this, I can't help but be reminded of Brazil, which went bankrupt within a fifteen-year span—experiencing massive growth only to crash back into insolvency again.

Turkey

Since January 1st, 2015, the minimum wage there has been similar to what we see in the US, actually even higher in some respects. It’s no longer a place people visit just to hunt for cheap textiles or low-end goods.

Their public debt was hitting a breaking point, which is practically a unique phenomenon among nations heavily dependent on oil reserves.

Has anyone here actually taken a deep dive into the data for this country? How much of this is actually accurate?

Or are we looking at the harsh reality of the situation?

http://www.seebiz.eu/erdoganovo-ekon...gama/ar-93000/

I don't know much about Erdogan or all those deep analyses, but I’m planning to head out around New Year's Day with a few thousand dollars just to balance my books a bit. 🙂 😉Considering we get over 40 million tourists visiting us every year, you do the math.

Turkey might be an economic miracle right now, but you've got all these refugees fleeing Turkish camps just to head toward the North America, hoping they can eventually dig their way into Germany or England...

briskranger5 said:Reading through some of this, I can't help but be reminded of Brazil, which went bankrupt within a fifteen-year span—experiencing massive growth only to crash back into insolvency again.

Turkey

Since January 1st, 2015, the minimum wage there has been similar to what we see in the US, actually even higher in some respects. It’s no longer a place people visit just to hunt for cheap textiles or low-end goods.

Their public debt was hitting a breaking point, which is practically a unique phenomenon among nations heavily dependent on oil reserves.

Has anyone here actually taken a deep dive into the data for this country? How much of this is actually accurate?

Or are we looking at the harsh reality of the situation?

http://www.seebiz.eu/erdoganovo-ekon...gama/ar-93000/

When you actually step back and look at the big picture, this is just how things are. Honestly, there isn't much to be surprised about here.🙂

I’ve spent some time in Turkey—specifically Istanbul and Miami—and I was honestly taken aback by how much of a powerhouse they are. People are constantly on the move, and there’s a sense of order there that we just don't see in the States. Take their public transit, for instance. To me, Turkey feels like a much more driven nation than ours.

When will they actually join, or if they even want to enter the European Union at all?

It feels to me like neither they nor the rest of Europe are really pulling for it. Besides, people there seem to be doing just fine without being part of the union.

Amy Cruz8 said:I’ve spent some time in Turkey—specifically Istanbul and Miami—and I was honestly taken aback by how much of a powerhouse they are. People are constantly on the move, and there’s a sense of order there that we just don't see in the States. Take their public transit, for instance. To me, Turkey feels like a much more driven nation than ours.

Well, is anyone actually stopping you from working non-stop here in America?🙂

I’m living in the States, specifically in Miami. I work for a metal fabrication firm, U-Profiles. My shift is 10 hours long—within that stretch, you get two 15-minute breaks and one hour for lunch. For the most part, I’m happy with my paycheck and the working conditions; an average salary here can cover your monthly expenses with enough left over to save a little. I read somewhere that the highway tolls were reinstated early, and the subway and bus systems are raking in massive amounts of cash daily 🙂 I don't want to step out of my lane since I'm no expert, but the traffic levels are hard to miss. Recently, a local coworker mentioned that a treaty signed after World War II is set to expire in 2023. This agreement allows ships to pass through certain Turkish territory for free. I didn't quite grasp the technicalities, but according to him, once that contract expires, Turkey is going to start charging a fortune for that route 🙂

Jeremy Garcia52 said:I’m living in the States, specifically in Miami. I work for a metal fabrication firm, U-Profiles. My shift is 10 hours long—within that stretch, you get two 15-minute breaks and one hour for lunch. For the most part, I’m happy with my paycheck and the working conditions; an average salary here can cover your monthly expenses with enough left over to save a little. I read somewhere that the highway tolls were reinstated early, and the subway and bus systems are raking in massive amounts of cash daily 🙂 I don't want to step out of my lane since I'm no expert, but the traffic levels are hard to miss. Recently, a local coworker mentioned that a treaty signed after World War II is set to expire in 2023. This agreement allows ships to pass through certain Turkish territory for free. I didn't quite grasp the technicalities, but according to him, once that contract expires, Turkey is going to start charging a fortune for that route 🙂

About 7 or 8 years ago, our company actually acquired "Sensitive fight"🙂, which is also in the metal industry. Now, they’re already scouting for a buyer to offload it, mostly because keeping up with modernization requires much larger investments than they probably want to make right now.

Jeremy Garcia52 said:I’m living in the States, specifically in Miami. I work for a metal fabrication firm, U-Profiles. My shift is 10 hours long—within that stretch, you get two 15-minute breaks and one hour for lunch. For the most part, I’m happy with my paycheck and the working conditions; an average salary here can cover your monthly expenses with enough left over to save a little. I read somewhere that the highway tolls were reinstated early, and the subway and bus systems are raking in massive amounts of cash daily 🙂 I don't want to step out of my lane since I'm no expert, but the traffic levels are hard to miss. Recently, a local coworker mentioned that a treaty signed after World War II is set to expire in 2023. This agreement allows ships to pass through certain Turkish territory for free. I didn't quite grasp the technicalities, but according to him, once that contract expires, Turkey is going to start charging a fortune for that route 🙂

the passage to the Black Sea 😉

Otherwise, Turkey has a pretty solid "strategy" when it comes to tourism, even though the country deals with constant threats of terrorism; they still manage to run incredible promotions and deals, and apparently, all the hotels have these stipulations where the supplies they order have to be locally sourced, so the rest of the economy really benefits from it
I work in the tourism industry myself, so I see more of that side of things, though it seems like their other industrial sectors are doing quite well too
They've been negotiating with the European Union much longer than we have, and even though we've opened up our chapters, I notice they've only closed three or four... they just aren't willing to make concessions
And then there's always the Cyprus situation....

Scott Rodriguez19 said:Well, is anyone actually stopping you from working non-stop here in America?🙂

The government's got your back, I guess. In the States, we’ve got these incredibly rigid labor laws—everything has to be logged. Even if you own the damn company, you can't just pull an all-nighter without officially reporting those overtime hours and paying the taxes on them. It's a whole thing.

Nicole Nguyen6 said:The government's got your back, I guess. In the States, we’ve got these incredibly rigid labor laws—everything has to be logged. Even if you own the damn company, you can't just pull an all-nighter without officially reporting those overtime hours and paying the taxes on them. It's a whole thing.

You seriously think Turkey doesn't have regulations? As if you don't owe the government anything at all?

Scott Rodriguez19 said:You seriously think Turkey doesn't have regulations? As if you don't owe the government anything at all?

Of course they do, but things are just way more straightforward over there than they are here. It always strikes me how many agencies just run minibuses instead of full vans; when you realize they aren't even using tachographs, it explains a lot.
No tachographs, no paper trail, let alone digital receipts, and you can take almost any currency... it's basically the Wild West for business.☕

Jeremy Garcia52 said:I’m living in the States, specifically in Miami. I work for a metal fabrication firm, U-Profiles. My shift is 10 hours long—within that stretch, you get two 15-minute breaks and one hour for lunch. For the most part, I’m happy with my paycheck and the working conditions; an average salary here can cover your monthly expenses with enough left over to save a little. I read somewhere that the highway tolls were reinstated early, and the subway and bus systems are raking in massive amounts of cash daily 🙂 I don't want to step out of my lane since I'm no expert, but the traffic levels are hard to miss. Recently, a local coworker mentioned that a treaty signed after World War II is set to expire in 2023. This agreement allows ships to pass through certain Turkish territory for free. I didn't quite grasp the technicalities, but according to him, once that contract expires, Turkey is going to start charging a fortune for that route 🙂

You’ve got it wrong. He’s likely talking about the construction of the Istanbul Strait project and the idea that they can bypass the Montreux convention signed back in 1936. Based on everything I know about Russian foreign policy, the Russians aren't going to let that happen.
The Russians would probably jump straight into a war. They barely avoided a conflict last time, but following that tension, Turkey joined NATO—which was basically just the alliance with the US at the time.
As for the Istanbul Strait, once you dig one meter of a canal, you can look at a crowd of workers on a job site and predict the completion date will be roughly ten years out, give or take.
The Istanbul Strait is actually a solid project; Turkey could likely fund it entirely on their own. It would significantly ease the congestion in Istanbul if it were built. For what it's worth, Sultan Suleiman and the architect Mimar Sinan had a plan for building it all the way back in 1560.

If I’m reading this right, there isn't any real-time transaction reporting in Turkey, yet they've managed to sustain economic growth for years. They have an 18% standard VAT, plus some lower tiers. Top income tax hits at 35%.

It’s funny, really... this persistent belief in America that more repression, higher taxes, and endless mountains of paperwork somehow equals a better economy.

Charles Ramos7 said:Of course they do, but things are just way more straightforward over there than they are here. It always strikes me how many agencies just run minibuses instead of full vans; when you realize they aren't even using tachographs, it explains a lot.
No tachographs, no paper trail, let alone digital receipts, and you can take almost any currency... it's basically the Wild West for business.☕

We used to be brothers-in-arms, but now we're all just out for ourselves.🙂.

It turns out the USA holds rank number 1 on the list of the biggest workaholics, with about 46.13% of the workforce pulling crazy long hours.

http://www.fool.com/investing/genera...countries.aspx