Türkiye's economy thriving amid global crisis concerns – investment guru

Respected investment guru Jim Rogers has stressed Türkiye's potential for robust economic growth amid mounting concerns about a looming global debt crisis.

Stating he is more optimistic about Türkiye than he is about many countries," Rogers said, “You're in a place in the world where trade could be very good for you."

The 81-year-old investor's comments come when advanced economies worldwide grapple with high debt levels, sparking concerns of an impending global financial crisis.

Rogers specifically highlighted the precarious situation of the US, asserting that it is poised to face more severe economic challenges than Türkiye in the event of another crisis.

"The US is going to suffer worse than Türkiye the next time economic problems come ... I'm still a big fan of Türkiye," he underlined.

Emerging markets' rise

Rogers underlined that emerging economies are better prepared for a global financial crisis, saying that "most emerging economies will not suffer as badly as the West because they have yet to go up as much.

"Some of them have the stock market in the US at their all-time highs."

"And that's true of many places. But in other countries, things have not been so exuberant. China's down, and its stock market has not been doing well. So, the emerging markets, as you put it, will not suffer as badly as the US, Japan, and some other countries," he explained.

The investment guru had said in an interview in 2020 that there are investment opportunities in emerging markets.

According to the report prepared by the Turkish Capital Markets Association, the Turkish stock exchange provided the highest return of 105 per cent in dollar terms among the organised stock exchanges in the world in 2022.

In the Turkish stock exchange, which has been on the rise since 2022, foreign investors made net purchases for nine consecutive weeks between 9 June and 4 August, and the longest period of foreign investors' assets since 2013 was experienced.

'Invest in what you know'

Rogers also expressed concern over the state of the British economy and increasing public debt.

"England has huge amounts of debt. It's amazing how much it has built up in the last few years, and will have serious problems. When the recession comes, they will be worse because they left the EU."

Pointing to the huge amount of debt England has, Rogers said the country's problems "will be bad for everybody."

He also noted that governments of advanced economies sought to control cryptocurrencies, adding that cryptocurrencies created by central banks would amount to government-backed currencies.

He advised investors to put their money in what they knew best in the current economic environment.

"They should only invest in what I know, in my view," said Rogers, adding that gold and silver have "always been ways to protect yourself."

"I don't see crypto money as a way to protect yourself because most people and I do not know about crypto money. Everybody knows what gold is. Crypto money has been around for a few weeks."

In the current global economic outlook, Rogers advised consumers to find ways to reduce their debt as much as possible.

He emphasised the need for cautious investments and suggested: "If you can afford it and know about farming, buy yourself a farm. Try to keep your debts as low as possible."