Fatih Özatay, PhD
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An unfortunate statement
I think the following should be the most unfortunate statement ever coming from a central bank official: “Inflation has been obstinately high lately. We have introduced…
Each country first has to do its part
Countries that call for international cooperation have to sit down and assess the strength of domestic cooperation. If there is no such cooperation across the domestic…
Living within one’s means
Cooperation does not seem on the table from this date onward, either. That’s why Turkey has to get used to living within its means A large part of emerging market…
Turkey’s economy is sensitive to external shocks
Turkey suffered the highest reduction in GDP growth rate and more than doubled the average loss in output among Argentina, Brazil, China, India, Indonesia, Mexico,…
The figures are clear enough (3)
This artificial and overstated growth performance is frequently quoted for political propaganda. Today I would make a comparison with Turkey and a group of selected…
The figures are clear enough
Inflation is on the rise. Annual CPI was at 7.8 percent in January and increased to 7.9 percent in February. Inflation figures for February validate the expectation that…
The timing of the FED is significant
If the FED was to take its decisions in 2010, the world would have started discussing how fragile the Turkish economy was immediately back then. Did anyone of us fear in…
Statistics speak louder than words
Turkey performs poorly also in terms of GDP growth; ranking eleventh in growth and first in volatility. It is clear that long-term trends augur bad for Turkey. The…
Economic policy mistakes (5)
Can a country home to the ‘Hello Fatih’ scandal achieve the income level of rich countries? First of all, I have nothing in common with my namesake in the media…
Economic policy mistakes (4)
Expected rates float above the targets. So do realizations. This is a critical mistake Number four on the policy mistakes lists is the policy to curb lira depreciation.…
Economic policy mistakes (2)
GDP growth will be a meager 4 percent in 2013. Turkey has suffered a “high current account deficit-low GDP growth” challenge in the last two years. It’s time for the…
Economic policy mistakes (1)
Turkey has made critical economic policy mistakes over the last couple of years, which increased the risk perception. Let’s start from the moment and go back in time.…