Turkey’s Infrastructure Boom: Future MEGAPROJECTS

Turkey’s Infrastructure Boom: Future MEGAPROJECTS

These are the most ambitious megaprojects
in development around the world. No other country, with the exception of China
and perhaps India, is undergoing a bigger building boom than Turkey. The Turkish government is overseeing a $400
billion spending spree on infrastructure that it hopes will lay the groundwork for a rapid
economic rise. The impressive list of projects includes: The $49 billion Istanbul New Airport that’s
about half complete. It’ll replace the 93 year old Ataturk Airport
and, with a passenger capacity of 150 million a year, it will be one of the planet’s busiest. Istanbul’s advantageous geographical location
also helps. “Istanbul, as a hub, is definitely much
better location than Doha and Dubai, or Abu Dhabi, so we have these certain advantages
compared to other countries.” The $5 Billion Istanbul Finance Center will
centralize Turkish investment banking, much like New York City’s Wall Street does for
the United States. A 48 km canal is being built alongside the
Bosphorous strait that divides not only the city of Istanbul, but the continents of Europe
and Asia. At a cost of $10 billion, even Turkey’s
President calls it a “crazy project.” Then there’s the $45 billion high speed
rail system that at 10,000 km will be the longest in Europe and the second-longest in
the world behind China. The $6.5 billion Istanbul-Izmir Motorway Project
is a six-lane highway that will connect the eastern edge of Istanbul to the Izmir province
on the Aegean coast. Turkey will become a regional energy hub thanks
to a $10 billion natural gas pipeline that will connect Azerbaijan’s production facilities
with consumers in Europe. Adding to its energy portfolio will be a $5.5
billion refinery on its west coast that, when finished, will be the largest in the country. Turkey is also beefing up its armed forces,
spending $7 billion to cluster its defense and aerospace industries so it can increase
production and exports to the international market. It has also committed more than $1 billion
to develop an independent Turkish space program with the goal of launching 20 satellites into
orbit by 2020. All of these projects come on the heels of
the completion in 2016 of both the Yavuz Sultan Selim Bridge and the Eurasia Tunnel, two Megaprojects
passing over and under the Bosphorus strait. But the country’s main project is much more
practical. At a cost of more than $200 billion, Turkey
will demolish and reconstruct seven million buildings throughout the country. Why? Because the majority of structures do not
meet basic safety standards in a region prone to devastating earthquakes. Government edicts state that the need to implement
the urban renewal plan overrules all existing laws that would’ve prevented people’s
houses and apartment buildings from being torn down. The reasons for the MegaProject boom are complicated. Yes, Turkey needs to modernize, and the quickest
way to do it is for the government to have a strong hand in guiding the nation toward
prosperity. But it’s also a blatant attempt by the Turkish
President, Recep Tayyip Erdoğan – in power since 2003 – to maintain control over the
country by promising economic success. Not only is Erdoğan raising legitimate questions
about corruption, his strongman approach is trampling the rights of individuals and local
municipalities. On top of that his projections are unrealistically
optimistic. Erdoğan says the country can become a top
10 world economy by 2023–which happens to be the 100th anniversary of the modern Turkish
republic, and would mark 20-years of his rule. A simple look at where Turkey currently sits
on the list of countries ranked by their GDP reveals that it’s economy would have to
more than double in less than 6 years, while the economies of Canada and South Korea completely
stagnate. That’s simply not going to happen. This high-stakes game was laid bare a couple
months ago when Erdoğan narrowly escaped succumbing to a coup that would have seen
the country descend into violent internal conflict and even civil war. All of these factors make Turkey one of the
most fascinating countries to keep a close eye on in the next decade, and is why we led
off this series, our latest profiling the world’s future Megaprojects, focused on
the building boom originating in Istanbul. Thanks for watching. Until next time, for TDC, I’m Bryce Plank.

100 comments on “Turkey’s Infrastructure Boom: Future MEGAPROJECTS

  1. I am a Bangladeshi American. Assalamualaikum to all the Turks. Turkey is my favourite country and inshaallah Turkey will be successful.

  2. Dünya Türkiye'nin gelişmesini konuşuyor. Biz Türküz kendimize güvenelim biz güçlü ve zeki bir milletiz. Birliğimiz beraberliğimiz devam etsin

  3. We are Muslim from Philippines, i just wanna say thank you Turkey for support . we see Erdogan as a new ottoman empire and i hope that Turkist peoples' will protect him and trust him for whatever decisions he made. We can vision, the future of brave, prosperity and tactician Muslim leader is now on his face.

  4. Yabancılar bile anladı bizim ülkedeki asalaklar anlamadı Erdoğanın bu ülkeye kattıklarını..

  5. Indonesia is now building many infrastructures, yet there are some people who against it, claiming that it is useless and wasting money. They are also the same people who idolize Erdogan. What an ironic.

  6. The debt is piling up and the Lira is becoming devalued. In addition, the Turkish dictator Recep Tayyip Erdoğan is scaring away foreign investment. Between these issues Turkey will never be able to pay for these mega projects. They need to embrace foreign investment, reduce the ratio of debt to GDP, and make their expectations for growth more realistic if they are to grow without setting themselves up for economic ruin.

  7. 5 billion dollar airport???? while greece has more turists than turkey…….. 10 billion dollar pipeline ???? the gas will come to europe through the aegean and Cyprus……. Greece laugh at turkey right now . .. .this fascist erdogan spend the money of turkish people in idiot ways trying to pretend a big power when others get the money . . . . turkey will have economic crisis in some years from now

  8. It is Erdogan that is behind this economic development, prosperity and a stronger defence. Don't forget that. No need for the negativity towards the end of the video.

  9. improving infrastructure is not helping to consolidate democracy, and make the people smile. 3rd airport and as well bridge not help anything but cutting tons of tree. Plus these are not Erdogan's success.. these all are private investment, just a way to make Erdogan and his big family richer.

  10. At 3.48 you show a graphic picture of a man swinging a strap at someone, and you use the word "violent". Is that to give this great nation a negative image in the mind of the observer?

  11. Turkey should now focus on military weapons and their R&D. US can't be trusted as seen from their refusal to give F-35 planes. Fighter Jets, long range missiles, tanks, submarines, ship making must be the priority.

  12. This is a fantastic video which highlights Turkey's economy ambitions and strategies. But the expectation Turkey will end up in the top ten global economies by 2023 is not as unrealistic as the narrator seems to project. Turkey is already a 2.3 trillion economy and has the world's thirteenth largest economy when economies are sized up by Purchasing Power Parity ( PPP ). This means that for Turkey to become the world's tenth largest economy is definitely possible but not a guarantee.

  13. And this is why the Turkish Lira continues to free fall in value. Debt. Huge debt. A ticking time bomb. The Turks have voted for a future of mountains of interest payments. 16% interest. And don't miss a payment.

  14. Turkey is under attack by western Press and intellencia. It is about doom and Bust for Turkey and it's economy.

    Well, you can affect in so much. Turkey will pass this because it is a country that sells things which rest of the world still need and buy.

    Just note how many articles Bloomberg wrote about Turkey within the last 2 months. That is June and July of 2018. First it was local firms being paid to protest, see 2013 Gazi Protest. Then full blown coup supported by known foreign agencies. Then full blown attack on anything Turkish specially Economy. All failed and will fail. The last one not tried is Military war and takeover, Iraq Type.

    Turkey needs to get ready for this if it wants to be free and independent. Otherwise get ready to be governed by Sissi like approved and finances by the Foreign governments and loved by the Western Press and Credit agencies.

  15. BS butthurt anti Turkish rethoric. Erdogan is not in power since 2003 he was elected multiple times as PM and then as president. Turkey is no longer ranked 19 it's 16 already and even if a top 10 position is not secured 12th or 13th by 2023 is possible and would still be quite an achievement. Quit barking at them. It's getting ridiculous.

  16. This is why the western world shows turkey bad in the news because turkey is growing very fast and they want to stop it. What you see in the video is mostly the infrastructure projects. I am really happy for turkey becauce already half of the projects are finished.

  17. The Turkish economy and the Turkish Lira both collapsed. Good Luck With
    The Bail out dictator Erdogan. TURKEY IS GOING BACKWARDS.

  18. 2:42 that’s the truth. These “plans” are propaganda for erdogan. There’s no money. It’s all on foreign money. Why not keep the factories and tourist buildings that were ALREADY in turkey instead of selling them to
    Foreign neighbors. Or why not invest in the education of the civilian children and put in plans and systems with people who are actually educated rather then religiously educated and pretty much only validated by erdogan for these jobs. This is all propaganda this is all a game and if you believe this you’re falling for it. Do you research people. I am Turkish I love turkey but the way things are going ……turkey might come to an end.

  19. TURAN🇹🇷 is really paradise country
    Dubai and somewhere else is really make me laugh, just artificial cities but Istanbul has excellent ancient history )

  20. Do people realise that these mega projects are foreign funded??? in other words those suspension bridges and airports are foreign owned.

  21. the mistake you do in the video you use nominal gdp to compare countries rather than ppp….so turkey isnt on place 19 at the moment but in place 11…so just 1 more spot to go…i hope you will correct this major MISTAKE

  22. the Narrator is cynical and focused on undermining the Erdogan government and presidency. Do not trust this channel. The listing of GDPs at the end of the vid was inaccurate too.

  23. Who ever from Europe, be a religious person or a non religious ..secular, atheist, humanist; if it is on a topic on Turkey.. Sure to turn to a Crusader attitude.. India with Turkey.

  24. Erdogan is a democratically elected leader, he represents the hopes and aspirations of the Turkish people (unlike traitor Ataturk, who represented the aspirations of western colonial governments). Stop the smear campaigns.

  25. "Unrealistically optimistic"? Well, I think that's what the Byzantine Emperor also thought when the Turks tried to conquer Constantinople. Turks love impossible challenges.

  26. is this doable without making climatechange even harder there are like hlf of dozen if more big countries who try do some sort of american dream that dosent sound using sparingly natures rsource or where i know

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