|
Those crises are bygone

For a time, a fallacy about an “economic crisis” has been going on. During the election period it completely fell through the floor. However this consciously showed that perception has nothing to do with the truth, not even close. Yes, today just as in every economy, there are indexes that are not satisfactory and have to be fixed. And as the dollar rate, there are external developments we import together with the world. But the name of the situation we are living in today is not crisis, that's for sure…



Financial criminal record


Sure, the past of Turkey's economy is full of crises… Those who are the barkers of the crises or the derivations may have been feeding this old habit.



Besides, a person wonders whether they are aware of the strong conversion our crisis culture had in the 2000s.



So, let's very briefly refresh the memories with a look at recent crises experienced by our country, and understand from where we came.



First, when we go back to the period from the 90s to the beginning of the 2000s, we can see that the crises in Turkey are “with financial criminal record”.



Of course besides the financial crisis, the balance of payments explosions was another factor. Also it should be reminded that; on the way going through the 2001 Crisis, a gigantic banking ruin was stacked in front of us.



The bill of the said crisis, particularly the contraction in national income, the economy and society and various kinds of damage, appeared. Let's underline that also another issue that emerged at that time was being in need of the IMF program trying to fix the things.



The last crisis was different


When we come to the recent past, there is the 2008-2009 global crisis. But this single crisis felt in the Turkish economy after 2001 was certainly global.



The virus was born in the U.S. and infected the world, especially the result of the “jungle fever” it caused in Europe – whether willing or not - affected us too.



This caused a decline in our growth speed in 2009 and an increase in the rate of unemployment.



Besides, just after that as of the year 2012 with a serious leap, we managed to draw the letter “V” in the graphic.



We saved the situation by demonstrating a strong employment-friendly growth.



Here at this point we need to underline a few issues:



1- Not as a repetition but this crisis, unlike “the self-inflicted crises”, was external.



It was not a crisis of balance of payments or public debt or banking crisis.



2- From the said crisis, compared with the world in general and especially the developed countries, it was remarkable that we got rid of it with a lower intensity and being effected for a less period of time.



3- Behind achieving this, besides the post-crisis policies, implemented in the 2000s, lies the economical repair and reform process that improves the resistance against the shocks.



For example, our banks built with solid walls in this repair process, when the earthquake hit, managed to stand without being collapsed.



4- And also, our preference to be our own doctor, rather than letting the IMF write the prescription for how to escape from the crisis, has been another story of our economy proving itself and gaining self-confidence.



The intent is questioned


Let's come to today: The world economy is not very pleasant, but not in a crisis either. When we look inside, from past to today we had already expunged our financial criminal record, our disciple is better than everyone's.



We are notin thebalanceof paymentscrisis; if you say banking it is colossal…



Finally, let's remind the crisis barkers: Those crises are bygone.



On the other hand, as I said, of course some of our indexes are not at the desired level. From time to time we talk about these and we discuss both the reason and what has to be done.



Hence, there always has to be criticism and things going on wrong should be pointed out and should be thought over. If we can't succeed this, already let's not talk about progress and development at all.



But however; in the world no one or organization that loves his/its own country and wants to strengthen the economy, shouts out with “ We got a crisis” and similar severe words, complaining about his/its own country to the whole world.



Especially if there is no crisis in the country. Especially if the said country is a developing country and needs the inflow of the capital.



However, if the owners of these statements know a little about these matters, it is expected they know that; the most critical factor in economy is instilling confidence. No; if they don't understand, already their remaining silent is more precious than gold. No; if they both understand and clobber, then their intent is questioned there.



Indeed, beyond being a party, government or political issue, this is a complete country issue.



That's why, “from every walk of life” it brings responsibility to everyone in charge.



We should not forget that we must definitely make criticism; but this shouldn't be fake but real, not destructive but constructive.



twitter.com/drhaticekarahan





#crisis
#Turkey
#economy
9 years ago
Those crises are bygone
As conservatism continues to gain strength...
Most sought-after, challenging to recruit, and expected to rise occupations in Türkiye
Restricting access to X in Türkiye is only a matter of time
Will Biden's 'bear hug' yield results?
There's nothing new on the Biden front...