Thursday, September 7, 2023

what is the impact of the economic crisis on the Turkish people?

 The economic crisis in Turkey has had a significant impact on the Turkish people. The following are some of the effects of the crisis:

  • Rising prices for consumer goods and gas: The decreasing value of the lira has caused intense and pervasive economic challenges, including rising prices for consumer goods and gas
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  • Loan defaults: During the emergence of the crisis, lenders in Turkey were hit by restructuring demands of corporations unable to serve their USD or EUR denominated debt, due to the loss of value of their earnings in Turkish lira
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  • Widespread financial ruin: Runaway inflation and a collapsing lira have pushed millions of Turks to the brink of financial ruin and slammed factories, farmers, and retailers across the country. More than two-thirds of people in Turkey are struggling to pay for food and cover their rent, according to a survey by Yƶneylem Social Research Centre, fueling a surge in mental illness and debt
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  • Mental illness: The economic crisis has led to a surge in mental illness among the Turkish people
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  • Debt: The economic crisis has led to a surge in debt among the Turkish people
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  • Political instability: The economic crisis, if it worsens, will likely lead to widespread criticism of Erdogan’s leadership and may continue to alienate Turkey from the West. Economic challenges within Turkey could force Turkey to be less supportive of NATO, at least financially, which would seriously strain relations Turkey has with the West
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Overall, the economic crisis in Turkey has had a significant impact on the Turkish people, leading to financial ruin, mental illness, and political instability.

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