• Latest
  • Most Read
Turkey, Erdogan

Erdoğan is banking on a possibly non-existent gas reserve miracle to bring Turkey’s crippled economy back on track

3 years ago
5 Inventions that failed to serve their purpose

5 Inventions that failed to serve their purpose

2 hours ago
Pan INDIA movies have been a disaster this year, and the reason is apparent

Pan INDIA movies have been a disaster this year, and the reason is apparent

2 hours ago
Morgan Stanley gives double thumbs up to Modinomics

Morgan Stanley gives double thumbs up to Modinomics

2 hours ago
Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

3 hours ago
Nominal GDP Growth at 16.1%? National Statistical Office releases India’s Economic accomplishment

Nominal GDP Growth at 16.1%? National Statistical Office releases India’s Economic accomplishment

19 hours ago
Best Indian TV Serials

5 Best Indian TV Serials of the 90s that people still crave for

1 day ago
Inspector Avinash

“Inspector Avinash”: Randeep Hooda Shines in a Hidden Gem of a Web Series

1 day ago
Sakshi Murder case

Nikita, Shraddha and now Sakshi – How long will this go on?

1 day ago
Karnataka congress

The Game of Thrones in Karnataka that will cost Congress dear

1 day ago
What Do You Mean by Bhulekh Uttar Pradesh & Why Should You use It?

What Do You Mean by Bhulekh Uttar Pradesh & Why Should You use It?

2 days ago
Rewriting Bharatvarsha’s History, the Modi Way: A Symbolic Shift towards Cultural Awakening

Rewriting Bharatvarsha’s History, the Modi Way: A Symbolic Shift towards Cultural Awakening

2 days ago
Randeep Hooda’s Transformational Acting in “Swatantrya Veer Savarkar”: A Game-Changer

Randeep Hooda’s Transformational Acting in “Swatantrya Veer Savarkar”: A Game-Changer

2 days ago
Ram Charan’s “The India House”: A Nightmare for Leftist Intelligentsia

Ram Charan’s “The India House”: A Nightmare for Leftist Intelligentsia

2 days ago
10 Best Emilia Clarke Movies

Exploring the Magic of Emilia Clarke: Top 10 Best Movies to Watch

3 days ago
28th May 2023: A Historic Day for India, A Nightmare for the Leftists

28th May 2023: A Historic Day for India, A Nightmare for the Leftists

3 days ago
  • About us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI हिन्दी
TFI Global
Thursday, June 1, 2023
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

    Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

    Sakshi Murder case

    Nikita, Shraddha and now Sakshi – How long will this go on?

    Karnataka congress

    The Game of Thrones in Karnataka that will cost Congress dear

    Rewriting Bharatvarsha’s History, the Modi Way: A Symbolic Shift towards Cultural Awakening

    Rewriting Bharatvarsha’s History, the Modi Way: A Symbolic Shift towards Cultural Awakening

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Morgan Stanley gives double thumbs up to Modinomics

    Morgan Stanley gives double thumbs up to Modinomics

    Nominal GDP Growth at 16.1%? National Statistical Office releases India’s Economic accomplishment

    Nominal GDP Growth at 16.1%? National Statistical Office releases India’s Economic accomplishment

    Vada Pav is Just the Tip of the Iceberg: A look into the rich culinary delights of Maharashtra

    India’s Resilience: A Zero Percent Chance of Recession

    Indian PSUs

    Once a butt of all jokes, Indian PSUs are posting better results than Fortune 500 companies

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    new CBI director Praveen sood biography

    Who is Praveen Sood the New CBI Director: Professional Background, Achievements and Significance of the Appointment

    Paramjit Singh Panjwar shot dead

    Paramjit Singh Panjwar shot dead: Keep calm and trust the Indian Armed Forces

    Swarm satellites

    India’s Bold Step towards Satellite Swarm Intelligence: A New Era in Space Technology

    INS Vikrant gets historic 1961 bell of 1st warship from ex-Navy vice chief

    INS Vikrant gets historic 1961 bell of 1st warship from ex-Navy vice chief

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Modi is the boss

    Modi is the boss: “Vedic Mantras” and an ocean of crowd: PM Modi’s Australia tour will echo till eternity

    PM Modi Extends a Diplomatic Olive Branch: A Special Message for Zelensky

    PM Modi Extends a Diplomatic Olive Branch: A Special Message for Zelensky

    NIA High Commission in UK

    NIA will probe the attack on Indian embassy, in UK!

    UK Student Visa rule new

    UK Student Visa Rules: International Students Barred from Bringing Families

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    5 Inventions that failed to serve their purpose

    5 Inventions that failed to serve their purpose

    What Do You Mean by Bhulekh Uttar Pradesh & Why Should You use It?

    What Do You Mean by Bhulekh Uttar Pradesh & Why Should You use It?

    5 Accidental Inventions

    5 Accidental Inventions that have become essential in our lives

    Sengol Tamil Nadu real picture

    What is Sengol: Tamil Nadu Connection, History, Significance and why it is to be installed in New Parliament

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Pan INDIA movies have been a disaster this year, and the reason is apparent

    Pan INDIA movies have been a disaster this year, and the reason is apparent

    Best Indian TV Serials

    5 Best Indian TV Serials of the 90s that people still crave for

    Inspector Avinash

    “Inspector Avinash”: Randeep Hooda Shines in a Hidden Gem of a Web Series

    Randeep Hooda’s Transformational Acting in “Swatantrya Veer Savarkar”: A Game-Changer

    Randeep Hooda’s Transformational Acting in “Swatantrya Veer Savarkar”: A Game-Changer

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

    Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

    Sakshi Murder case

    Nikita, Shraddha and now Sakshi – How long will this go on?

    Karnataka congress

    The Game of Thrones in Karnataka that will cost Congress dear

    Rewriting Bharatvarsha’s History, the Modi Way: A Symbolic Shift towards Cultural Awakening

    Rewriting Bharatvarsha’s History, the Modi Way: A Symbolic Shift towards Cultural Awakening

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Morgan Stanley gives double thumbs up to Modinomics

    Morgan Stanley gives double thumbs up to Modinomics

    Nominal GDP Growth at 16.1%? National Statistical Office releases India’s Economic accomplishment

    Nominal GDP Growth at 16.1%? National Statistical Office releases India’s Economic accomplishment

    Vada Pav is Just the Tip of the Iceberg: A look into the rich culinary delights of Maharashtra

    India’s Resilience: A Zero Percent Chance of Recession

    Indian PSUs

    Once a butt of all jokes, Indian PSUs are posting better results than Fortune 500 companies

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    new CBI director Praveen sood biography

    Who is Praveen Sood the New CBI Director: Professional Background, Achievements and Significance of the Appointment

    Paramjit Singh Panjwar shot dead

    Paramjit Singh Panjwar shot dead: Keep calm and trust the Indian Armed Forces

    Swarm satellites

    India’s Bold Step towards Satellite Swarm Intelligence: A New Era in Space Technology

    INS Vikrant gets historic 1961 bell of 1st warship from ex-Navy vice chief

    INS Vikrant gets historic 1961 bell of 1st warship from ex-Navy vice chief

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Modi is the boss

    Modi is the boss: “Vedic Mantras” and an ocean of crowd: PM Modi’s Australia tour will echo till eternity

    PM Modi Extends a Diplomatic Olive Branch: A Special Message for Zelensky

    PM Modi Extends a Diplomatic Olive Branch: A Special Message for Zelensky

    NIA High Commission in UK

    NIA will probe the attack on Indian embassy, in UK!

    UK Student Visa rule new

    UK Student Visa Rules: International Students Barred from Bringing Families

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    5 Inventions that failed to serve their purpose

    5 Inventions that failed to serve their purpose

    What Do You Mean by Bhulekh Uttar Pradesh & Why Should You use It?

    What Do You Mean by Bhulekh Uttar Pradesh & Why Should You use It?

    5 Accidental Inventions

    5 Accidental Inventions that have become essential in our lives

    Sengol Tamil Nadu real picture

    What is Sengol: Tamil Nadu Connection, History, Significance and why it is to be installed in New Parliament

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Pan INDIA movies have been a disaster this year, and the reason is apparent

    Pan INDIA movies have been a disaster this year, and the reason is apparent

    Best Indian TV Serials

    5 Best Indian TV Serials of the 90s that people still crave for

    Inspector Avinash

    “Inspector Avinash”: Randeep Hooda Shines in a Hidden Gem of a Web Series

    Randeep Hooda’s Transformational Acting in “Swatantrya Veer Savarkar”: A Game-Changer

    Randeep Hooda’s Transformational Acting in “Swatantrya Veer Savarkar”: A Game-Changer

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
No Result
View All Result

HOME » Economy » Economy1 » Erdoğan is banking on a possibly non-existent gas reserve miracle to bring Turkey’s crippled economy back on track

Erdoğan is banking on a possibly non-existent gas reserve miracle to bring Turkey’s crippled economy back on track

Akshay Narang
by Akshay Narang
4 September 2020
in Economy1
0
Turkey, Erdogan

PC: Middle East Eye

690
VIEWS
Share on FacebookShare on Twitter

Turkey’s President Recep Tayyip Erdoğan is fast turning out to be the most conniving leader of all the heads of State or government across the world. Having ruined the Turkish economy with endless wars, Erdoğan is now finding novel ways to remain popular within Turkey. First, he ratcheted Muslim fundamentalism and now Erdoğan is falsely marketing a small ‘gas reserve find’ in the Black Sea to divert attention from real issues.

Erdoğan is in a desperate situation with the Turkish currency Lira plunging into a painful crisis and inflation hitting a record high. Therefore, when Turkey discovered a gas reserve in the Black Sea, Erdoğan immediately announced the beginning of a “new era”. He promised a large gas reserve which would bring the Turkish economy back in track. But the “new era” hasn’t really started and now it is becoming clear that Erdoğan’s claim of a big find in the Black Sea is a big fat lie.

While Erdoğan’s supporters continue to claim that Turkey’s bad days are over, the markets do not seem at all impressed with the size of the gas reserve find- 320 billion cubic meters (bcm). The find is less than half of the 800 bcm gas field that was being earlier anticipated, and even this is not independently verified.

According to the Economist, 320 bcm of natural gas would be a good amount, enough to fulfil Turkey’s own demand for seven years. But it will not pump up Turkey’s fortunes. Turkey will not become a net gas exporter, and in fact, the gas reserve find won’t even make Turkey independent in the gas sector. Ankara will remain dependent on imports from countries like Russia, Iran and Iraq.

The not-so-big size of the gas reserve find is not the only issue. But analysts are also sceptical about the actual size of the gas field, which has not been independently verified. Also, doubts are being cast on Turkey’s ability to kick-starting production from 2023, as promised by Erdoğan.

According to FT, Jonathan Lamb at Wood & Company said, “They may be able to attract international oil major as they have essentially a captive market for the gas sales, but the tone around this discovery is very nationalistic so I suspect they may try to go it alone.” He also said, “I suspect five years is the best you can hope for.”

Moreover, not many oil and gas companies would be willing to help Turkey, because offshore gas exploration is an expensive sector and the recent slump in hydrocarbons prices makes it an unattractive option.

Erdoğan is selling false hope to the people of Turkey in the name of a huge gas reserve find. But the investors haven’t taken the Turkish President at face value. It is true that when the hype was being built around the size of the gas field, Turkish currency Lira had made some gains against the US Dollar. But after Erdoğan announced that Turkey found 320 bcm of natural gas, the market got disappointed by the size of gas discovery and Lira hit an all-time low on Thursday.

Turkey’s economy remains in shambles, as the currency crisis has also come along with a steep rise in inflation that is fuelled by interest rate cuts, enhanced credit flow and surge in fiscal spending. Experts feel that the worst might be yet to come as far as the Turkish economy is concerned.

Bloomberg has quoted Timothy Ash, a strategist at BlueBay Asset Management in London as saying, “Given the weakness in the lira, the pass-through likely underpinned inflation.” Ash added, “High and sticky inflation is one of the factors helping drive dollarization.”

Turkish Lira is in a free fall and Erdoğan’s policies are only aggravating the currency crisis. Ankara seems to be getting gripped by the ongoing currency crisis and there is no relief in sight. For Erdoğan, some “good news” needed to be given to the people of Turkey to rake up a jingoist narrative and retain voter confidence.

The pro-Turkish government media in the country rallied behind Erdoğan’s exaggeration and marketed the gas reserve discovery as the end of Turkey’s problems. But this is no solution to Turkey’s economic woes. And the latest Lira crash makes it clear that fake gas discoveries will not bring the crippled Turkish economy back on track.

Tags: EconomyRecep Tayyip Erdoğanturkey
Share14TweetSend
Previous Post

Turkey is using TV Series Ertugrul to promote the Ottoman way as the right path for all Muslims to follow

Next Post

India denies huts, tents and even Chairs to Chinese Soldiers who came for a Brigadier level “peace talks”

Akshay Narang

Akshay Narang

Patriot, Political Analyst, Amateur Historian

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Most Read
  • Comments
  • Latest
Xi Jinping, coronavirus, Shinzo Abe, china, Japan, coornavirus, COVID-19, Wuhan Virus

‘Pack up and get out of there,’ Japan to spend $2.2 billion to get Japanese companies to exit China

9 April 2020
ajay devgn karan johar

The man who bullied the Bully – How Ajay Devgn made Karan Johar’s monopoly a joke and forced him to apologize

22 June 2020
Huawei, China, Trump, USA, Xi Jinping

‘Our survival is at stake now,’ Chinese Telecom giant Huawei crumbles after US ban on Semiconductor exports

19 May 2020
T-Series Sonu Nigam Divya Khosla Kumar Bhushan Kumar

T-Series forced to take down Atif Aslam’s video, Divya Khosla trolled. T-Series has a bad day in office

25 June 2020
Meat Ban

A Jain responds to Meat Ban in Mumbai

Public Sector Bank, Government, Bill

Dear bank employees, continue your stride but PSBs will be privatized

anti-Hindi

Anti-Hindi Forever?- In search of a National Language!

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

5 Inventions that failed to serve their purpose

5 Inventions that failed to serve their purpose

1 June 2023
Pan INDIA movies have been a disaster this year, and the reason is apparent

Pan INDIA movies have been a disaster this year, and the reason is apparent

1 June 2023
Morgan Stanley gives double thumbs up to Modinomics

Morgan Stanley gives double thumbs up to Modinomics

1 June 2023
Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

1 June 2023

Popular This Week

Nawazuddin Siddiqui interview
Cinema

Dear Nawazuddin Siddiqui, you’re a one hit wonder, so just shut up

by Animesh Pandey
26 May 2023
Indian PSUs
Economy

Once a butt of all jokes, Indian PSUs are posting better results than Fortune 500 companies

by Animesh Pandey
26 May 2023
Bollywood actors who are now thriving in other professions
Cinema

Bollywood actors who are now thriving in other professions

by TFIPOST News Desk
26 May 2023
Ram Charan represents Indian cinema at G20 Summit
Politics

PM Modi Picks Ram Charan Teja over Bollywood Khans to Represent India at G20 Summit

by Animesh Pandey
24 May 2023
Inspector Avinash
Cinema

“Inspector Avinash”: Randeep Hooda Shines in a Hidden Gem of a Web Series

by Animesh Pandey
31 May 2023

©2023 TFI Media Private Limited

  • Terms of use
  • Privacy Policy
  • Sitemap
No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFI Official Merchandise
TFI हिन्दी
TFI Global
  • About us
  • Careers
  • Brand Partnerships

©2023 TFI Media Private Limited

Follow us on Twitter

and never miss an insightful take by the TFIPOST team

Follow @tfipost