7/21/2019 Key Economic Developments in Turkey in 2015

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Key economic developments in Turkey in 2015

http://en.trend.az/world/turkey/245!0".html

Baku, Azerbaijan, Dec. 29

By Rufiz Hafizoglu – Trend:

Oer !"e #a$! %& year$, Turkey "a$ #ur$ued an ac!ie #olicy !o beco'e an energy "ub in

!"e region.

 Ankara, in order !o ge! rid of energy de#endency, "a$ been con$!an!ly dier$ifying !"e

energy $u##ly $ource$. Belo( are !"e key deelo#'en!$ !"a! !ook #lace in energy 'arke!

and econo'y of Turkey in 2)%*.

Laying the foundation of TANAP, and cancellation of the Turkish Stream

+ounda!ion (a$ laid for !"e Tran$Ana!olian -a!ural a$ /i#eline 0TA-A/1 on arc" %3,

2)%* in !"e Turki$" #roince of 4ar$.

Turkey, along (i!" $!ar!ing i'#le'en!a!ion of !"e TA-A/ #rojec! !oge!"er (i!" Azerbaijan,

(a$ nego!ia!ing (i!" Ru$$ia on ga$ #i#eline #rojec! called Turki$" 5!rea'.

Turki$" 5!rea' (a$ a! !"e !i'e con$idered an al!erna!ie !o !"e Azerbaijani #rojec! TA-A/.

ean("ile, af!er !"e inciden! inoling !"e do(ning of !"e Ru$$ian 5u26 bo'ber, !"e

#oli!ical #rojec! Turki$" 5!rea' finally lo$! i!$ urgency.

7n "i$ la$! $!a!e'en!, Turkey8$ /re$iden! Rece# Tayyi# rdogan $aid !"e Turki$" 5!rea'

i$n8! in !"e in!ere$!$ of Ankara, and een!ually !"e #rojec! go! canceled for !"i$ rea$on.

 Azerbaijan8$ TA-A/ differ$ fro' o!"er #rojec!$ for being !"e only $u$!ainable energy #rojec!.

ean("ile, !"e cri$i$ in rela!ion$ be!(een Ru$$ia and Turkey, "a$ forced Ankara !o

concen!ra!e 'ore on !"e dier$ifica!ion of energy $u##ly !o !"e coun!ry.

urren!ly, Turkey beliee$ !"a! de$#i!e i!$ lo$$e$ of a! lea$! ;9 billion due !o cri$i$ in

rela!ion$ (i!" Ru$$ia, Ankara i$n8! a lo$ing $ide.

 Ankara and Do"a $igned an agree'en! on delierie$ !o Turkey of %.2 billion cubic 'e!er$ of

li<uefied ga$. T"e deal (a$ $igned during a i$i! of Turki$" #re$iden! !o =a!ar in early

Dece'ber.

Turkish lira rate’s fall

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arlier, !"e Turki$" lira (a$ con$idered one !"e 'o$! $!able currencie$ in !"e region. Bu! on

arc" >, 2)%*, !"e na!ional currency of Turkey "i! i!$ "i$!orical record, reac"ing 2.>?>2

Turki$" lira !o !"e dollar.

T"e gro(!" of !"e dollar ra!e in Turkey (a$ a$$e$$ed by !"e goern'en! a$ erroneou$

'one!ary #olicy. A! !"e $a'e !i'e, for'er De#u!y /ri'e ini$!er for cono'ic Affair$ ofTurkey Ali Babacan $aid earlier !"a! !"e cen!ral bank conduc!$ rig"! 'one!ary #olicy. A$ one

e@a'#le of !"e c"ange$ in !"e econo'ic $i!ua!ion, "e 'en!ioned !"e gro(!" of !"e dollar in

a nu'ber of uro#ean and o!"er coun!rie$.

T"e gro(!" of !"e dollar ra!e in Turkey led !o !"e fac! !"a! a nu'ber of 'ajor financial

co'#anie$ $aid !"a! in ca$e of fur!"er dealua!ion of !"e Turki$" lira, !"ey 'ay recon$ider

!"eir o#era!ion in !"e Turki$" 'arke!.

7n addi!ion, !"e gro(!" of !"e dollar ra!e (or$ened !"e $i!ua!ion in Turkey before !"e

#arlia'en!ary elec!ion. T"a!8$ becau$e !"e ruling u$!ice and Deelo#'en! /ar!y 0A4/1 "a$al(ay$ been #roud in i!$ %& year rule !"a! !"e au!"ori!ie$ (ere able !o crea!e a faorable

econo'ic $i!ua!ion in !"e coun!ry.

 A nu'ber of analy$!$ in Turkey beliee$ !"a! !"e econo'ic c"ao$ !"a! reigned in !"e coun!ry

before #arlia'en!ary elec!ion "ad a nega!ie i'#ac! on i!$ ou!co'e.

Turkey "eld #arlia'en!ary elec!ion une 3, and !"e u$!ice and Deelo#'en! /ar!y 0A4/1

gained 6).?3 #ercen! of !"e o!e. Af!er !"a!, Turkey for !"e fir$! !i'e in %2 year$ faced !"e

nece$$i!y !o for' a coali!ion goern'en!. /oli!ical #ar!ie$ failed !o for' a coali!ion

goern'en!, and Turkey "eld #arlia'en!ary reelec!ion -o.%.

Arbitrary court between Turkey and Russia

On +eb. 23, Turki$" nergy and -a!ural Re$ource$ ini$!er Taner ildiz $aid o$co( and

 Ankara agreed on a %).2*#ercen! di$coun! on !"e Ru$$ian ga$ $u##lied !o Turkey.

 An agree'en! on !"e ga$ di$coun! (a$ e@#ec!ed !o be $igned in arc", bu! Turkey refu$ed

!o $ign !"e docu'en!.

T"e rea$on (a$ !"a! !"e Ru$$ian $ide urged Turkey !o 'ake an addi!ional conce$$ion on

!"e con$!ruc!ion of !"e Turki$" 5!rea' #i#eline, BOTA5, !"e Turki$" $!a!e #i#eline co'#any,!old Trend.

BOTA5 e@#ec!ed !"a! Ru$$ia (ill 'ake %).*#ercen! di$coun! for !"e ga$ $u##lied !o

Turkey. Ho(eer, az#ro' agreed !o 'ake a di$coun! only for #ria!e Turki$" co'#anie$

("ic" accoun! for oer one !"ird of i'#or!ed Ru$$ian ga$.

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 Around 2* #ercen! di$coun! (a$ 'ade for ga$ !o Turkey8$ #ria!e $ec!or in !"e fir$! <uar!er

and an addi!ional %* #ercen! di$coun! in !"e $econd <uar!er of 2)%*.

 A$ a re$ul!, !"e Ru$$ian ga$ co$! !"e Turki$" #ria!e co'#anie$ around ;2>) #er %,)))

cubic 'e!er$ in ay.

T"e Turki$" au!"ori!ie$ con$idered az#ro'8$ ga$ di$coun! !o !"e #ria!e co'#anie$ a$ an

a!!e'#! !o #u! #re$$ure on Ankara.

 Ankara a##ealed !o !"e 7n!erna!ional our! of Arbi!ra!ion Oc!. 23.

Uncertainty in Akkuyu nuke lant construction

 A##aren!ly, !"e cri$i$ in Ankarao$co( rela!ion$ al$o affec!ed !"e con$!ruc!ion of !"e

 Akkuyu nuclear #o(er #lan! in Turkey.

T"e in!ergoern'en!al agree'en! be!(een Ru$$ia and Turkey on coo#era!ion in !"e field$

of con$!ruc!ion and o#era!ion of !"e coun!ryC$ fir$! nuclear #o(er #lan! Akkuyu near !"e ci!y

of er$in in $ou!"ern Turkey (a$ $igned in 2)%).

T"e fir$! Turki$" nuclear #o(er #lan! include$ four R reac!or$. T"e in$!alled ca#aci!y of

eac" #o(er uni! a! !"e nuclear #lan! (ill be e<ual !o %,2)) 'ega(a!!. T"e #rojec!8$ co$!

near$ ;2) billion.

Turkey8$ ini$!ry of niron'en! and Erban /lanning a##roed !"e re#or! on !"e

eniron'en!al i'#ac! a$$e$$'en! of !"e #rojec! for con$!ruc!ion of !"e nuclear #o(er #lan!

in Dece'ber 2)%6 ("en !"e Ru$$iaTurkey rela!ion$ (ere flouri$"ing.

T"e groundbreaking cere'ony for !"e off$"ore $!ruc!ure$ of !"e Akkuyu nuclear #o(er #lan!

(a$ "eld in A#ril 2)%*. 7! (a$ #lanned !o $!ar! !"e #lan!8$ con$!ruc!ion in la!e 2)%>.

 A##aren!ly, like !"e Turki$" 5!rea', !"i$ #rojec! "a$ al$o been re'oed fro' !"e agenda.

arlier, Turkey8$ De#u!y /ri'e ini$!er -u'an 4ur!ul'u$ $aid !"a! if Ru$$ia doe$n8!

re$u'e !"e !alk$ on con$!ruc!ing !"e Akkuyu #lan!, !"ere are coun!rie$ ("ic" can build i!.

7! i$ no! ruled ou! !"a! if !"i$ #rojec! i$ cancelled, Turkey can di$cu$$ !"e #lan!8$ con$!ruc!ion(i!" +rance and a#an.

Russia’s economic sanctions! Turkey’s tourism sector under threat

T"e !o!al nu'ber of Ru$$ian !ouri$!$ i$i!ing Turkey "a$ e@ceeded %* 'illion #eo#le,

according !o !"e $!a!i$!ical da!a for !"e la$! four year$.

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Turkey "a$ offered $#ecial #riilege$ in order !o increa$e !"e nu'ber of !ouri$!$ fro'

Ru$$ia. 7! i$ e@#ec!ed !"a! 2)%> (ill be unfaorable for Turkey in !er'$ of !ouri$'.

7n one of "i$ recen! $!a!e'en!$, Turkey8$ /ri'e ini$!er A"'e! Dau!oglu $aid !"a! !"e

coun!ry8$ au!"ori!ie$ (ill 'ake eery effor! !o $ub$!i!u!e Ru$$ian !ouri$!$.

ean("ile, Turki$" au!"ori!ie$ $!a!e !"a! Ru$$ia8$ $anc!ion$ again$! Ankara (on8!

$ignifican!ly affec! !"e reenue$ fro' !ouri$'.

arlier, "ead of !"e A$$ocia!ion of Turki$" Trael Agencie$ 0TER5AB1 Ba$aran Elu$oy $aid

!"a! Ru$$ia8$ $anc!ion$ again$! Turkey8$ !ouri$' $ec!or (on8! $!rongly affec! !"e coun!ry8$

#o!en!ial in !"i$ $#"ere.

He no!ed !"a! !ouri$!$ fro' $uc" coun!rie$ a$ er'any, !"e E5 and o!"er$ al$o i$i! Turkey.

T"e coun!ry8$ reenue$ fro' !ouri$' $!ood a! ;%2.2 billion in !en 'on!"$ of 2)%2.

5o'e e@#er!$ beliee !"a! Turkey8$ reenue$ fro' !ouri$' can decrea$e by al'o$! *)

#ercen! in 2)%>.

Rufi" #afi"oglu is the head of Trend Agency$s Arabic news ser%ice, follow him on

Twitter! &rhafi"oglu