The Turkish newspaper said in a report that the ASAL Research Foundation conducted a survey in 26 provinces, where Turks were asked, “What is the biggest problem in the country?” 54.5 percent of those surveyed answered that it was the economy and the cost of living, followed by “justice” at 10.8 percent, and “refugees” in third place at 5.2 percent.
Earlier, Turkish Economy Minister Omer Bolat announced a decline in Turkey’s trade deficit, after exports rose and imports declined.
The Turkish Statistical Authority also said that “annual inflation in the country fell to 51.97% last August, after it was 61.78% in the previous July, recording its lowest level in 13 months.”
In a separate report, the agency said, “The unemployment rate in July 2024 recorded a decline of 0.4 points compared to the previous month, June 2024.”
Since the beginning of this year, the Turkish lira has fallen from 29.7 liras to the dollar to break the barrier of 34 liras to the dollar, a decline of 11%.
During 2023, the Turkish lira fell from 18.7 liras to the dollar to 29.5 liras to the dollar, a decline of 57%.
While the Turkish lira fell from levels near 8.5 liras to the dollar to current levels, after the Turkish Central Bank adopted an easing policy starting in September 2021.
Source: “Cumhuriyet+ TR”
#Turks #reveal #countrys #biggest #problem
2024-09-12 15:46:04
Turkey GDP per capita
Table of Contents
Turkey’s Economy: A Mixed Bag of Challenges and Opportunities
Turkey, a nation of 85 million people, has been grappling with various economic challenges in recent times. A recent survey conducted by the ASAL Research Foundation in 26 provinces revealed that a staggering 54.5% of Turks consider the economy and cost of living to be the biggest problem facing the country. This sentiment is hardly surprising, given the soaring inflation rates that have been plaguing the nation.
Despite these challenges, there are signs of hope on the horizon. According to a report by CNBC, Turkey has landed first place in a global ranking for wealth growth, despite still struggling with high inflation rates [[1]]. This growth is a testament to the country’s resilience and potential for economic growth.
One of the most pressing issues facing Turkey is its high inflation rate, which stood at nearly 72% in July 2024 [[1]]. However, the Turkish central bank chief has expressed determination to curb inflation, forecasting an end-year rate of 38% due to its tight policy [[2]].
Recent data from the Turkish Statistical Authority suggests that the annual inflation rate has indeed begun to fall, dipping to 51.97% in August 2024, down from 61.78% in July [[3]]. This decline is a welcome respite for the Turkish people, who have been struggling to make ends meet amidst rising prices.
Furthermore, Turkey’s trade deficit has also shown signs of improvement, with exports rising and imports declining according to Turkish Economy Minister Omer Bolat. This development bodes well for the country’s economic prospects.
On the jobs front, the unemployment rate in July 2024 recorded a decline, although the exact figure has not been disclosed. This downward trend is a promising sign for the Turkish economy, which has been battling high unemployment rates in recent times.
while Turkey’s economy still faces significant challenges, including high inflation rates and unemployment, there are encouraging signs of growth and improvement. The country’s determination to curb inflation and its focus on exports and employment growth are steps in the right direction. As the Turkish economy continues to evolve, it remains to be seen whether these positive trends will continue and ultimately lead to a more prosperous future for the Turkish people.
Turkey GDP per capita
Turkey’s Economy: A Mixed Bag of Challenges and Opportunities
Turkey, a nation of 85 million people, has been grappling with various economic challenges in recent times. A recent survey conducted by the ASAL Research Foundation in 26 provinces revealed that a staggering 54.5% of Turks consider the economy and cost of living to be the biggest problem facing the country. This sentiment is hardly surprising, given the soaring inflation rates that have been plaguing the nation.
Despite these challenges, there are signs of hope on the horizon. According to a report by CNBC, Turkey has landed first place in a global ranking for wealth growth, despite still struggling with high inflation rates [[1]]. This growth is a testament to the country’s resilience and potential for economic growth.
One of the most pressing issues facing Turkey is its high inflation rate, which stood at nearly 72% in July 2024 [[1]]. However, the Turkish central bank chief has expressed determination to curb inflation, forecasting an end-year rate of 38% due to its tight policy [[2]].
Recent data from the Turkish Statistical Authority suggests that the annual inflation rate has indeed begun to fall, dipping to 51.97% in August 2024, down from 61.78% in July [[3]]. This decline is a welcome respite for the Turkish people, who have been struggling to make ends meet amidst rising prices.
Furthermore, Turkey’s trade deficit has also shown signs of improvement, with exports rising and imports declining according to Turkish Economy Minister Omer Bolat. This development bodes well for the country’s economic prospects.
On the jobs front, the unemployment rate in July 2024 recorded a decline, although the exact figure has not been disclosed. This downward trend is a promising sign for the Turkish economy, which has been battling high unemployment rates in recent times.
While Turkey’s economy still faces significant challenges, including high inflation rates and unemployment, there are encouraging signs that the country is taking steps to address these issues. The country’s GDP is expected to grow at a rate of 3.6% in 2024, according to the International Monetary Fund (IMF) [[2]]. Additionally, Turkey’s economy is expected to maintain a soft landing, with a growth forecast of 3.5% in 2024 and 2025, according to a report by BBVA Research [[3]].
In terms of Turkey’s economy in numbers, the country’s GDP stood at $1.114 trillion (nominal) and $3.832 trillion (PPP) in 2024, according to Wikipedia [[1]]. These figures highlight the country’s significant economic potential, despite the challenges it faces.
while Turkey’s economy faces significant challenges, there are signs of hope on the horizon. The country’s growing wealth, improving trade deficit, and declining unemployment rate are all encouraging signs that Turkey is taking steps to address its economic challenges. With a growth forecast of 3.6% in 2024 and a soft landing expected, Turkey’s economy is poised for a promising future.
References:
[[1]]https://en.wikipedia.org/wiki/EconomyofTurkey
[[2]]https://www.aa.com.tr/en/economy/imf
