A huge rise in the cost of living is groaning under the Turkish citizens and residents (Getty)
expect Turkey declining annual inflation rate to 65% by the end of 2022, compared to regarding 80% in July, according to government estimates published today, Sunday, and also expected a rise in the deficit Current Transaction Account to $47.3 billion this year.
It gives a new economic model that follows President Recep Tayyip Erdogan A priority for growth, export, employment and investment, while seeking to reduce interest rates.
cycle led monetary easing that I follow Turkish Central Bank Last year, the lira fell 44% once morest the dollar at the end of December, and it fell by more than 27% once more this year.
And caused the decline of the Turkish lira and a rise energy prices Commodities worldwide have led to an increase in inflation, which reached nearly 80% in July, and is expected to rise further before declining.
Ankara expects inflation to drop to 65 percent by the end of 2022 before declining sharply to 24.9% by the end of 2023, according to the so-called medium-term programme.
Erdogan’s model aims to turn Turkey’s chronic current account deficit into a surplus, but high global prices have made this goal difficult to achieve.
The trade balance deficit for 2022 amounted to $105 billion, more than double last year’s amount. Expectations indicate that it will decline to 80 billion dollars in 2023. (The dollar = 18.1777 pounds).
The current account deficit was expected to reach $47.3 billion in 2022, more than three times its level in 2021 and to record its highest annual level since 2013. There are expectations that it will decline to $22 billion in 2023.
The budget deficit rose sharply to 461.2 billion liras ($25.4 billion) in 2022, despite the presentation of a supplementary budget this year. Expectations indicate that it will rise to 659.4 billion liras in 2023.
Excluding income and financial flows resulting from interest and some other factors, the deficit was expected to reach 294.3 billion liras in 2022 and 323.6 billion liras in 2023.
Forecasts are for GDP growth of 5% in 2022 and 2023 before rising to 5.5% in the following two years.
(Archyde.com)
