News About Turkey

High Inflation Affects Millions of Lives in Turkey

After the coup attempt in 2016 so many things changed in Turkey’s politics and economics. Now Turkey is experiencing high inflation and it’s affecting millions of lives.

After so many changes in a short time in the Ministry of Treasury and Finance of The Republic of Turkey, the country is having a hard time controlling its inflation rates and the Turkish citizens are protesting the high prices in the markets and the raises that are approving by the government every day.

The public is also angry about the official announced inflation charts. So many citizens are accusing the Turkish Statistical Institute (TUIK) of publishing the wrong statistics about high inflation. Although this situation undermines the trust in the government. With the COVID-19 pandemic, the Turkish Government did not take necessary measures to protect the public from economic problems due to high inflation and the pandemic.

Turkey is Still Experiencing Economic Difficulties

After all the hard things that we experienced as a world in 10 years, Turkey experienced a little bit more harshly because of its location and bad policies. In addition, while many countries are trying to take strong measures against inflation, Turkey is still experiencing economic difficulties with the wrong policies. For this reason, people are trying to defend their rights by striking and creating a public opinion but the government seems to not care about this problem due to the neo-liberal policies.

In 2023 there will be an election in Turkey so all the political parties in Turkey are talking about this problem but due to low trust in the politicians in Turkey because of all the corruption, there are many people who find themselves in a tuff spot where there’s no available party to vote for.

The Turkish lira is at the lowest point it ever experienced. Many experts are accusing the policies and the lack of oversight in institutions as the cause of this high inflation and low rate of the Turkish lira.

 

Income is Not Enough

As the table shows, you can clearly understand all the information there. Inflation effects are dire for the economy. It gives some details about the Turkish Liras. Already, almost everybody can understand look for the first time with attention. Experts warned that these increases will result in significant hikes in prices of other products, as was seen in March.

Also, need to be noted that experts warn that the poor pay the highest price for Turkey’s economic crisis as the prices of basic goods and services continue to skyrocket. According to recent research published by Turkey Report, nearly 60 percent of Turkish citizens say their income is not enough to cover their expenditures.

Emirhan Enşan

Ata Ahmet Kökçü