Sunday , March 26 2023

Capital flight escapes from Turkey


Turkish economy almost does not teach its strength out of impact to get stronger. After announcing the level of unemployment registered in the country since last year, one of the opposition members revealed horrific statistics on the departure of foreign investments.

According to Akyut Erdogan, Deputy Governor of the People's Republic of the People's Republic of the Republic, the data on the balance of payments issued by the Central Bank show that the foreign exchange inflows into foreign currencies brought by foreign investors in Turkey in order to attract interest and the rapid withdrawal of Turkish money from the country.

"According to statistics, in the first nine months of this year there was a write-off of 20 billion dollars in bonds, remittances and local capital deposits," Zaman quoted Erdogan.

And the leader of the opposition party, the size of the foreign capital that entered the country in 2018, fell to one third of what was in the past year.

New blow to Turkish economy

On Thursday, the Turkish economy was hit by a new shock since the country's unemployment rate has risen again since last year compared to other Ankara crises, especially the deterioration of the local currency.

From July to August of this year, unemployment in Turkey rose to 11.1 percent, the highest since last year, according to government data.

Turkey's unemployment reached 10.6 percent in the same period last year, but the loss of 40 percent of the Turkish lira this year has caused a significant downturn in the country's economy.

New government data showed that the unemployment rate outside the agricultural activity from July to September this year was on average 13.2 percent.

A dark future vision

On November 9, Moody's said that the Turkish economy is waiting for "worldly pain" next year, especially after the Turkish liras recorded the worst performance this year.

According to Bloomberg, the drop in the lire this year will cause serious economic downturns, as growth will slow down in emerging and emerging markets.

Projections come as the International Monetary Fund (IMF) said that Turkey's economic growth could drop to 0.4 percent in 2019, from 3.5 percent this year.

"A weak pound and rising borrowing costs will be a reflection of investment and consumption," the IMF said in a report.

On August 10, the lira reached its peak, while at the time of trading it dropped by 18 percent, but since the beginning of the year it has lost almost 40 percent.

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