While our country, which is going through hard times economically, is locked in the inflation values of TURKSTAT and private companies, an update has come from the World Bank. Accordingly, Turkey’s year-end growth rate may be lower than expected.
The biggest impact of increasingly difficult living conditions on our society and country is undoubtedly economic. Recently, both TurkStat higher than the data of private companies and the data of private companies. inflationWhen the dollar exchange rate and taxes are added, even access to basic needs becomes very limited. This situation is also fixed by the data.
world Bank Europe and Central Asia (ECA) to the economies of the region According to the update report for the regional economy this year 4.1 percent shrinkage is expected. currently ongoing Russia-Ukraine warIt is stated as a footnote below the expected growth rates at the end of the year that the Covid-19 pandemic, which has been going on for two years, will have greater consequences.
Turkey’s growth rate may be below expectations
With the war and pandemic Ukrainian economy 45.1 percent, Russia economy too 11.2 percent is said to be shrinking. In addition, in the published report, due to the war in Russia and Ukraine, human and economic destruction It is predicted that the developing countries of the region will suffer a great blow. The information that economic losses may occur in larger European countries and the rest of the world is included in the report published by the World Bank.
When we look at the Turkish part of the event, we will feel the negative effects of the war on our lands, just like in other countries. As a matter of fact, the World Bank, according to its previous forecast, 2 percent growth waiting for announced that there may be ‘less growth’ in our country due to the war.
Accordingly, Turkey, as expected earlier this year It will grow by 1.4 percent, not 2 percent. In addition, it was stated in the report that the micro-financial instability increased due to interest rate cuts, and the poor will experience difficult times when the energy and food inflation to be experienced due to the Russia-Ukraine war is taken into account together with the interest rate.
“May cause extensive economic damage”
World Bank ECA Chief Economist Aslı Demirgüç, who gave advice to countries after the report, explained that the war and epidemic could cause extensive economic damage with the following words:
“Governments need to control risks, trade and investment to prevent possible breaks in the channels. macroeconomic bumpers and trustworthy policies. should strengthen; including refugees most vulnerable strengthen the social support system to protect people and focus on energy efficiency to create a stable future”
Well, what would you like to say about Turkey’s economy? What do you think should be done to break this negative atmosphere? Let’s meet in the comments…
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