TURKEY in Deep Trouble as Inflation Soars Again & Interest Rates are Hiked to 50%
Video Summary
Turkey’s economy has experienced significant challenges in recent years, particularly with regards to inflation. In 2023, the country saw a change in its economic policy, with the appointment of a new head of the bank, Sahap Kavci, who implemented a more traditional approach to managing inflation by increasing interest rates. However, this strategy has not been effective in reducing inflation. In fact, the opposite has happened, with inflation rates rising to 70%, making Turkey’s the fourth highest in the world. The value of the Turkish lira has also continued to devalue, making it difficult for people to hold onto their savings and causing a black market economy to emerge. The country’s current account has also run a persistent deficit, and its balance of trade has worsened. The situation is likely to continue to worsen in the coming months, with inflation likely to continue to rise and the lira to devalue further. The country’s president, Erdogan, has introduced various schemes to encourage people to hold onto their savings in Turkish lira, but these have been met with limited success.Overall, the situation in Turkey’s economy is dire, and it will likely be a long and difficult road to recovery.
Related posts:
TURKEY in Deep Trouble as Crisis Accelerates, Inflation Soars, Lira Crashes & Interest Rates Hit 50%
RUSSIAN Economy Imploding as Interest Rates are Hiked, Inflation Soars & Worker Shortages Increase
TURKEY in Deep Trouble
RUSSIAN Economy Breaking
ARGENTINA Out of Control – 254% Inflation is World’s Highest, Peso Crashes & Reform Bill Struggles
EGYPT in Deep Trouble – WTF is Going On? Pound Devaluation, Inflation Soars, $43BN Emergency Bailout
RUSSIA Starts to Collapse
RUSSIAN Economy Destroyed by Russian Ukraine War
Related:
