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    Did markets start to revive?
    Güven Sak, PhD 23 April 2009
    Did the markets start to revive? Do not you also notice dynamism at the markets? Recently we have been frequently hearing narratives that business activities are rallying. If you wonder what is going on, please keep reading. [More]
    Pre-accession Economic Program (PEP) is not the expected exit strategy
    Güven Sak, PhD 21 April 2009
    This is how the mankind is; it starts to search for a 'green shoot' in the middle of the wreckage. Remember the life-at-out-blue-planet movies after post-atomic bomb cold war period. People left the shelters and walked around in demolished cities. There shined green shoots over steel skeletons of ruined giant buildings. And the life began again. All disaster movies ended with the birth of a glimmer of hope. This is the main feature of the mankind: We are specie that can be hopeful about the future. Hope gives us breath of life in the least expected time. This is good and necessary. The energy necessary to deal with the crisis is already hidden in our genes. Hope is necessary though is not sufficient. A manmade crisis can only be tackled with a manmade exit strategy. Seeds of hope that has [More]
    State Minister Mr. Mehmet Şimşek is not completely wrong
    Güven Sak, PhD 16 April 2009
    When will the Turkish economy step on the recovery path? When will liquidity start to circulate in the market? Can recovery start alone? This is the issue we must focus on as the Turkish government officially acknowledged the crisis and announced that measures will be implemented. The statement made by State Minister Mr. Mehmet Şimşek that "households and the banking sector are doing well and the condition of the corporate sector is not bad at all" must be paid regard to and assessed. We used to emphasize that because of the crisis, the corporate sector was in bad shape. (Remember the story titled "I am currently feeling what the figures will tell you two months from now.) Last week, we said "if the corporate sector of a country is not doing well, banking sector of that country cannot be d [More]
    It is good that the economic administration has left behind the denial period
    Güven Sak, PhD 14 April 2009
    Turkey, with almost a six-month delay, has for the first time faced the global economic crisis. Sorry, Turkey has for the first time "officially" faced the global economic crisis. We, as the people living in this country, have already faced the global crisis. We already knew that negative developments were taking place. It is not bad but good that the official "denial period" is now coming to an end. Credibility does not make you lose, it makes you win. It was anyway senseless to pretend that there is no problem here in Turkey while the global economic crisis was shaking everywhere throughout the world. The statements made by Vice Prime Minister Nazım Ekren yesterday ended the "denial period". This indicates that the first step toward the construction of public policy credibility has been [More]
    Honorable Prime Minister of Turkey, have you ever watched “Alo Presidente”?
    Güven Sak, PhD 11 April 2009
    Please watch. Did you know that Hugo Chavez Frias, President of Venezuela, is also a television star in Venezuela? Yes, he is literally a television star. Since 1999, Chavez is both governing the country and hosts, directs and designs a weekly talk show. And Alo Presidente (Hello President) is the name of that show. When took over the office, President Obama immediately revised the web site of the White House and promised the public an "open government". Accordingly, the decisions made or to be made would be as transparent as possible and the comments of the public would be received. In this sense, "Alo Presidente" of President Chavez becomes "wide-open government" rather than "open government". Let us see why. [More]
    “Masallah, you are doing very very well”
    Güven Sak, PhD 09 April 2009
    State Minister Mehmet Şimşek addressed to corporate sector, banking sector, households and in general all of us "masallah, you are doing very very well". I wonder what is that we miss but honorable State Minister see. [More]
    Obama asked Turkey to dance. But, is Turkey ready?
    Güven Sak, PhD 07 April 2009
    Barack Hussein Obama, President of the United States of America (USA) came to Turkey at the last stop of his Europe travel. It is possible to attach a number of meanings to this visit; however, we believe that there is a single objective: to make damage control. After the Bush administration dominated by unilateral decisions, the top priority in the US agenda is fixing the damages in the relations between allies. Therefore, damage control for Turkish-American relations was initiated with the visit of Obama to Turkey. And it started with a quite healthy offer. Let us see what is that offer. [More]
    Why does the popularity of rightist Erdoğan go down while that of leftist Lula goes up?
    Güven Sak, PhD 02 April 2009
    It seems that the situation is genuinely bad. Moreover, things are not getting any better for the last five months. While rules are doing nothing bur wasting time for election campaigns, it seems that we citizens are encountering worse conditions day by day. Turkish Statistical Institute (TURKSTAT) made an announcement this week and that the Turkish economy contracted in the last quarter of 2008 was officially confirmed. Figures announced by TURKSTAT say that the Turkish economy grew only by 1.1 percent. If the figures were not revised, overall growth rate for 2008 would have been 0 as the economy contracted by 6.2 percent in the last quarter of 2008. Thanks to the positive revisions made in previous quarters, growth rate did not stand at 0 but jumped up to 1.1 percent. But, does it make a [More]
    “This issue is economic!”
    Güven Sak, PhD 31 March 2009
    In the elections carried out last weekend, votes for the ruling party decreased by around 20 percent. You can say "The crisis did not originate in Turkey. It was transmitted from abroad to Turkey. We have no fault with this respect" as much as you want. But it does not matter. The global crisis is now the economic crisis of Turkey. Shut down businesses, workers that lost their jobs, reduced production level are all an evidence for this. The only thing the results of the elections carried out last Sunday and in particular distribution of votes for Provincial Council show is that the global crisis has currently become the economic crisis of Turkey. Of course, this will be evident only to those that are able to acknowledge. Why the ruling party lost around 20 percent of the votes will certain [More]
    It is never too late to mend
    Güven Sak, PhD 27 March 2009
    For the last three days we have been talking about the negative impacts of the global crisis on Turkey and how these impacts can be limited. Actually, it is possible to say that this subject is depressing. While we were discussing on growth strategy only two years ago, the recent subject is successful management of the contractionary period. Crisis management mainly means ensuring that the economy nowadays will contract orderly. In this context, crisis management does not refer to the elimination but limitation of damage. We have two options: Either the crisis will manage us or we will manage the crisis. Former will incur more damage. This is the first point the study carried out by TEPAV reveals. [More]