How energy imports shape Turkey’s current account

A LNG tanker passes through Çanakkale Strait, Turkey, April 25, 2020. (DHA Photo) Turkey’s energy imports leave a clear mark on the current account. When oil and gas are expensive, ...

Turkey’s 2026-2028 Medium-Term Economic Programme

by TT Economy Editor

September 17, 2025

Turkey’s 2026-2028 Medium-Term Economic Programme: Stability or Balancing Act? Turkey has announced its new medium-term economic programme, laying out plans for 2026 to 2028. The roadmap comes at a time ...

Turkish Reserves Surge Amid Rising Foreign Bond Demand

by TT English Edition

July 11, 2025

Central Bank Reserves Jump by $10B Turkey’s central bank reported a significant $10 billion increase in its total reserves for the week ending July 4. Total holdings reached $164.4 billion, ...

Turkey-EU Relations: Calls for Concrete Steps in 2025

by TT English Edition

January 22, 2025

Turkey’s Permanent Representative to the European Union, Ambassador Faruk Kaymakci, has called for significant progress in Turkey-EU relations, emphasizing the need for immediate and meaningful steps in 2025. In a ...

Turkey’s Role in China’s Belt and Road Initiative

by TT English Edition

October 31, 2024

(This article was written in English. Your browser might be translating it into your langauge. To read the original version, please select English.) Turkey’s Role in China’s Belt and Road ...

Can New Policies Reverse the Turkish Lira Crisis?

by TT English Edition

October 17, 2024

The recent depreciation of the Turkish lira has captured both local and global attention, raising questions about Turkey’s handling of its economic challenges. With inflation surging and purchasing power diminishing, ...

Exploring Turkey’s Influence in the Middle East

by TT English Edition

October 17, 2024

Exploring Turkey’s Diplomatic and Strategic Influence in the Middle East Turkey's role in the Middle East has grown in complexity over the past two decades, positioning itself as a crucial ...

Can Turkey Redefine Its Trade Relations with the EU?

by TT English Edition

September 24, 2024

A Shift in the Winds of Trade Envision a busy port on Turkey's Mediterranean coast, where cargo ships load goods bound for European markets. For years, this scene has symbolized ...

IMF Predicts Turkey Inflation Drop to 24% in 2024

by TT English Edition

August 29, 2024

The International Monetary Fund (IMF) forecasts a significant decrease in Turkey's inflation rate. Expecting it to drop to around 24% by 2024. This prediction highlights the positive effects of the ...

For a while, U.S. nationalists and globalists in the Atlantic Alliance have found themselves in an intense confrontation. Some experts define it as bogus, but it is indeed not. The nationalist side’s sole agenda is to see the U.S. as the leader of the world's politics, while the globalists demand the opposite. Consisting of powerful financiers, bureaucrats, families and key figures in international politics, the globalists claim that the U.S. lost its qualifications for such leadership in the worldwide system. They are, therefore, trying to shape a new world order that will replace China with the U.S. at the top of the hierarchy. In this context, Beijing’s Belt and Road (BRI) initiative promises a significant role, they say. On condition that the U.S.’ absolute hegemony is accepted, globalists agree that the U.S., Russia and China are equally the centers of power in the eco-political system. This is where the quarrel indeed deepens. The European Union, particularly the Germany of Chancellor Angela Merkel, also shares the same idea, agreeing to further ties with Russia and China, the two powers the union thinks already returned to each's own imperial codes. The warring sides of the quarrel have a plan for Ankara as well. Nationalists demand Turkey to adopt a pro-American agenda in every circumstance. Globalists, meanwhile, ask Ankara to take part in the campaign to support China’s rising power, especially in the BRI. It can be said, however, that both sides are of the same opinion in demanding a globally functional Turkey. Ankara refuses such demands and rejects any roles commanded from external circles. That means the Turkish administration is determined to be a decision-maker and game-changer in the global system. Based on the national economy, independence is Turkey’s top priority. In this context, from energy to defense, transportation to digitalization, Turkey’s global power has increased. Rather than becoming a “functional” country as demanded, the new Turkey prioritizes its own interests and further contributes to the world economy and global trade with its own strategy and choices. Naturally, these circles will not accept this situation and will try to corner Ankara. Despite that, Turkey will seek to move forward and get closer to the point it deserves in the world. A strategic maneuver The most challenging agenda for this century’s rising economies, for the Emerging 7 (E7) that includes Turkey and is said to soon be replaced by the "Developed 7," is to succeed in showing themselves as among the most indispensable countries in the fields of defense-security, energy and digitalization. For these seven nations, which include China, India, Russia, Brazil, Indonesia, Turkey and South Korea, one of the most important stages in this global struggle is to become an economy with a surplus in foreign trade and current account balance. India, Brazil, Indonesia and Turkey are the countries that should improve the most on this issue because being a challenger nation in global competition requires being a country with a sustainable current account surplus and then becoming one with a foreign trade surplus. Whether with the current account balance or with a sub-issue, attaining a sustainable performance in terms of the foreign trade balance is connected to Turkey producing a much higher added value for each kilogram of goods and services it sells to the world than the those it purchases. So, Turkey has to produce the goods and services it manufactures with higher efficiency and at a lower cost. As Turkey, that's precisely why we are focused on becoming a more competitive economy in terms of raw material, intermediate goods, labor, energy, technology and financing costs. We will achieve the other pillar of sustainable foreign trade and current account balance by increasing the weight of the products we produce with "high technology" within our exports. Turkey, at this point, for the first time in the history of the republic, is a "challenger" that is encouraging success. Its "domestic and national technology" moves in the fields of defense-security, energy and digitalization are gaining momentum. Turkey is generating the electricity to be used by the economy at a "competitive" price with its domestic and national solar and wind energy moves and its domestic natural gas, which is expected to reach 1 trillion cubic meters in the future, will start with 405 billion cubic meters for the use of both households and industry. The nation has realized this with its own seismic search and drilling ships and its own discovery submarine robot. In the field of security, Turkey is also shattering globally accepted defense concepts with its unmanned aerial vehicles (UAVs) and unmanned combat aerial vehicle (UCAVs). It takes this success to a more competitive level with its domestic "electric" car. Today, it has to carry its global claims in digitalization forward with domestic software and hardware. This whole situation means that these strategic maneuvers will carry Turkey to a current account surplus and foreign exchange reserves of the central bank above $200 billion. We will successfully emerge from this challenge in the name of "strong foreign exchange reserves" that will crown our economic independence.

Globalists vs nationalist: The Turkey case

by TT English Edition

April 15, 2021

For a while, U.S. nationalists and globalists in the Atlantic Alliance have found themselves in an intense confrontation. Some experts define it as bogus, but it is indeed not. The ...

Tag: Economy