Just realised how worse off Turkey is in front of even Pakistan lol.
Their external debt to GDP ratio is much worse than poopistan
Their annual current account deficit to GDP ratio is the same as pakistan
I wonder how does this country even survives, when pakis tend to go to IMF for begging bowl every year? Oh the "filthy" Arabs send Turkey free money regularly (a luxury Pakistan no longer enjoys).
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This my friends is why both these shitholes have stagnated and have no future.
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^^^Mind you these GDP per capita figures recently released are made by taking paki population to be 217 million (can be crosschecked by dividing their claimed GDP data of $341 billion by their claimed GDP per capita) and not 256+ million people as per recent latest paki census data which will push it down to around $1330.
In the case of Turkey. Atleast I'll say pakis performed better since Turkcels are stangnated since 2007 while pakis since the early 2010s
.
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They were doing what Ishaq Dar does, artificially controlling the exchange rate of Lira as per the Reuters article despite suffering huge current account deficits every year lmao.
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Long story short short, people generally mock Pakistan as being the begging bowl of the world and an international beggar living off paycheque to paycheque on alms. But reality is that Turkey is an even bigger beggar than pakistan, which just happens to be a much richer version of it. If Arabs stop giving alms to turkey we'll see similar scenes in turkey as we recently saw in pakistan over basic food items no cap.
Don't believe me? Look at this. It is a ticking timebomb less talked about.
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For comparison, India's external debt to GDP ratio has remained constant at around 20±% for more than a decade. Here aren't talking about rise in external debt, but external debt as %age of GDP!
Turkey's external debt to GDP ratio is rising and forex reserves to GDP ratio is declining!
Nearly half their forex reserves are currency swaps not hard USD
.
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Hard lesson for communists and socialists in India, go fvck yourself. Macroeconomic stability >>> Muh high per capita income, muh beautiful touristy streets, muh higher standards of living.
Under sane leadership of Modi, our external debt to GDP ratio has remained constant, our forex reserves rising, inflation under control, trade deficit getting under control (hopefully trade surplus soon
) and politics transitioned to infrastructure and investment more than making India "muh socialist paradise".