This thread is also horrible economic advice.
Having no debt is not an indicator of a good economy. You can have crazy amounts of debt and maintain a strong economy as long as the debt is managed.
If countries like Somalia take out debts, they need to invest it in infrastructure that will generate money to pay off the debt and then some.
For example, a 40 million dollar loan to build a world class airport is a decent investment. If managed correctly, the government will be able to consistently afford the repayments and then some.
The problem in Kenya for example is that the SGR isn’t such an investment and the Chinese are brutal with their loans. Meaning less time for Kenya to make a profit that isn’t happening
Turkeys policy for investments is that investors share the risk and profit with them, unlike a loan were the burden of risk is left with the debtor and they’re also burden with interest , it’s the Islamic banking concept of Musharakah
European and Gulf Arab countries invest but its ona equal ground , where no one is taking advantage of another, Both parties are equal at risk and it pushes spirit of entrepreneurism and making wise decision
Turkey developed enough that it can manufacture almost everything by itself, debt would will just speed it up, So you either take your time to reach your goals in on everything or reach your finish goal and be heavily indebted, we’ve seen foreign debt cripple otherwise healthy countries over over again
