Turkey’s inflation nears 80%
While some indicators of the Turkish economy are dropping, others continue rising. Thus, the unemployment rate as well as national debt and inflation are still increasing. Under the management of Receipt Erdogan, a permanent president and ,apparently, economic expert, the country’s inflation skyrocketed to an unthinkable level of 70%. Most economists suppose that it is not the ceiling. Analysts at Goldman Sachs foresee that Turkey’s annual inflation may hit 80%. In May, inflation accelerated to 73.5%, reaching the 24-year record. In 2022, the price growth exceeded the highest level recorded in 1998. That year, the country faced a grave economic crisis and a reshuffle in an unstable coalition government. According to the forecasts, once the Turkish inflation hits 80%, it may begin sliding to 60%. This decline could be explained by the base effect. Last year, the national currency lost 44% against the US dollar and another 24% in 2022.
China’s trade surplus reaches $101 billion
China posted a record high trade surplus of more than $101 billion, Bloomberg reported. The trade surplus was driven upwards by rising exports, which climbed above the projected level of 14.1%.According to China’s General Administration of Customs, the country’s trade surplus rose to $101.26 billion in July, an 81.5% increase from a year earlier.
14:29 2022-08-12 UTC+00
Currency wars: another hazard to global economy
Some economists predict that currency wars will be commonplace around the world in the near future. In a nutshell, a currency war is a policy adopted by a few central banks in parallel to devalue their national currencies. Each of them pursues the goal of stimulating its domestic economy. Experts warn that the new US President who will replace incumbent US leader Joe Biden will set the trend.
14:03 2022-08-12 UTC+00
US inflation greatly affects national currency
According to the poll conducted by Ipsos and ABC News, 69% of US citizens suppose that the current economic situation is critical. Most respondents think that the country’s economy is slumping amid high inflation, which is exerting pressure on the greenback.The poll revealed that about 70% of Americans fear that the situation could become even worse.
11:12 2022-08-12 UTC+00
Musk to revive Twitter deal with ‘bot’ info only
On August 8, Elon Musk was reported to proceed with the Twitter acquisition on the previously agreed terms if the company provides its method of account confirmation. Earlier, Musk pulled out of the deal. Then he wrote on Twitter that the deal should proceed on original terms “if Twitter simply provides their method of sampling 100 accounts and how they’re confirmed to be real.
10:30 2022-08-12 UTC+00
Washington losing control over Latin America?
Latin American countries had to revise their relations with the US. The Mercosur countries, namely Argentina, Brazil, Paraguay, and Uruguay, express aversion to the West because of tough anti-Russian sanctions. The Junge Welt periodical believes that Washington’s economic defeat in the Mercosur market is taking its toll on the US economy.
06:00 2022-08-12 UTC+00
Europe responsible for creating energy crisis in Third World
According to the German business newspaper Handelsblatt, Europe is sparking an energy crisis in the countries of the Third World as it searches for alternatives to Russian LNG.Competition in the LGN market has increased since Europe pledged to replace Russian gas, Handelsblatt reported.
14:44 2022-08-11 UTC+00