Former Chief Economist of the Central Bank of the Republic of Turkey and Bilkent University faculty member Hakan Kara announced that Turkey also fell below Argentina in the misery index. Argentina was 7th in the poverty index in 2020, while Turkey was 21st.
Turkey hosted a difficult economic process, especially after September 2021, and continues to do so. The depreciation of the Turkish Lira more than twice against the foreign currency in just a few weeks, the increased costs and therefore the rising product prices, fueled inflation and made it difficult for the money in our pockets. almost half melt had caused.
A similar scenario to Turkey’s was experienced in Argentina, one of the richest countries in the world, at the beginning of the 20th century. Argentina, which had the most depreciating currency after TL in 2021, experienced an annual inflation of 105%. if today Turkey left Argentina behind in this regard announced.
Turkey left Argentina behind in the misery index:
Hakan Kara
Hakan Kara, Former Chief Economist of the Central Bank of the Republic of Turkey and a faculty member at Bilkent University, reflected a striking fact as a table, along with the inflation data shared today. Kara, together with the announced data Turkey overtakes Argentina in the misery index shared. According to the data obtained from the OECD and the statistics offices of the countries, Turkey narrowly passed Argentina in the misery index as of January 2022.
What is the misery index?
misery index, the sum of the inflation and unemployment rate means. Developed by Arthur Okun in the 1960s, the index assumes that both higher unemployment and worsening inflation create economic and social costs for a country. Turkey was ranked 21st in the world in 2020 according to the results of the Hanke Misery Index (CATO) developed by Steve Hanke. While the USA ranked 109th, Germany 145th and Japan 153rd on the list for 2020, Venezuela was the first. Argentina was in 7th place.