World Bank to Increase Investment in Turkey's Economy Despite Ongoing Challenges

World Bank's Turkey director said economy heading in right direction but more to do
World Bank to double exposure to Turkey to $35 billion over 3 years
Of additional $18 billion, $6 billion for public sector and $12 billion for private sector
Turkey has hiked interest rates and rolled back unorthodox policies to control inflation
Immediate challenge is calibrating multiple policies; longer-term is boosting productivity

reuters.com

Relevant topic timeline:

8/20/2023

Turkish contractors undertake projects worth $8.9B in 7 months

### Summary Turkish construction firms have undertaken around $8.93 billion worth of projects abroad in the first seven months of this year. ### Facts - 🏗️ Turkish construction firms have undertaken approximately $8.93 billion worth of projects abroad between January and July this year. - 📊 The average value of projects conducted in 2021 was calculated as $74.4 million. - 🌍 Turkish companies have realized a total of 11,768 projects in 134 countries since 1972, with a total value of $482 billion. - 📈 Despite political instability and the impact of the COVID-19 pandemic, the construction sector undertook 371 projects worth $16.2 billion in 2020. - 💼 In 2021, Turkish companies have undertaken projects abroad worth $30.7 billion, spanning 443 projects. - 🌎 Russia ranked first with a 20.3% share of projects undertaken by Turkish construction firms, totaling $97.9 billion. - 🇷🇺 Russia was followed by Turkmenistan with a 10.6% share and projects worth $33.2 billion, and Iraq with a 6.9% share and projects worth $33.2 billion. - 🏢 The sector has completed trade center projects worth $34.7 billion and airport projects worth $30.7 billion abroad until now.

8/22/2023

Food delivery startup Getir to cut 11% of workers in global restructuring

Main topic: Global restructuring and job cuts at Turkish grocery delivery firm Getir Key points: 1. Getir plans to cut 2,500 jobs across five countries, representing 10.9% of its total workforce. 2. The company will continue to operate in Turkey, the UK, Germany, the Netherlands, and the United States, but has exited Italy, Spain, and Portugal. 3. The restructuring is aimed at significantly increasing operational efficiency.

8/24/2023

FX Daily: Attention turns to Turkey

The Central Bank of Turkey is expected to continue its policy tightening, but doubts remain as to whether the pace of tightening will be sufficient, given the high inflation rate; meanwhile, the focus in the US is on the jobs market and the unemployment rate's impact on inflation, and pessimism reigns for the euro due to concerns about the ECB's ability to raise interest rates.

9/18/2023

Fed Set to Hold Rates Steady But Investors Eye Future Hikes; IPO Fever Boosts Tech; White House Mediates UAW Strike; Erdogan Presses Musk on Turkey Factory; Markets Cautious Ahead of Fed

The Federal Reserve's economic projections will be closely watched for hints on the path of interest rates, with expectations that the dot plot for 2024 may be more cautious due to uncertainty and potential wild cards. Arm Holdings' successful IPO has injected optimism into the IPO market, while the United Auto Workers' strike continues to garner support from President Biden. Turkish President Erdogan has called on Tesla CEO Elon Musk to build a factory in Turkey.

10/11/2023

Investors Cautious on Turkey Despite Encouraging Policy Shifts

Efforts to attract disillusioned investors back to Turkey are progressing slowly, according to a leaked Bank of America document summarizing investor feedback from private meetings with Turkish Finance Minister Mehmet Simsek; investors expressed concerns about the challenges facing Turkey's economy, political uncertainties, and doubts about the government's ability to implement difficult reforms.

Topics

Posted 9/14/2023, 1:02:04 PM