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Turkey’s inflation nears 80%

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. 

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