content tagged with economic crisis

‘Both reporting on and experiencing poverty’: Journalists protest for rights amid economic crisis

‘Both reporting on and experiencing poverty’: Journalists protest for rights amid economic crisis

Many journalists’ wages have declined to the minimum wage level, which does not allow them to make ends meet, warns the Journalists' Union of Turkey.

Turkey to unveil tax incentives to boost foreign currency inflows

Turkey to unveil tax incentives to boost foreign currency inflows

Tax reduction and exemption rates applied to some activities of tax payers abroad will be increased, provided that the earnings are brought into Turkey, the finance minister has said.

22 November 2023

Currency depreciation plagues Turkey's new 'record-high' minimum wage

Currency depreciation plagues Turkey's new 'record-high' minimum wage

Within three days of the new minimum wage announcement, the lira's depreciation against the US dollar reduced its value from 482 to 452 dollars.

The cost of exiting the crisis for Turkey

The cost of exiting the crisis for Turkey

The increase in the exchange rate will raise the costs for industries heavily dependent on imported raw materials and intermediate goods. To balance this, reducing labor costs will be presented as a necessity.

12 June 2023 Bülent Danışoğlu

Turkey's grocery chains thrive amid soaring inflation, declining food security, shows report

Turkey's grocery chains thrive amid soaring inflation, declining food security, shows report

Profits of the three of the largest grocery chains in the country have increased 150% in US dollars since 2018.

Record number of small businesses went bankrupt in Türkiye in 2022

Record number of small businesses went bankrupt in Türkiye in 2022

Amid Türkiye's economic woes, small businesses are slowly disappearing from the country's streetscape.

28 December 2022 Wouter Massink

Over 85,000 small businesses closed in Türkiye in 11 months

Over 85,000 small businesses closed in Türkiye in 11 months

In the first 11 months of the year, some 85,785 craftspeople closed their business, according to statistics from the Confederation of Turkish Tradesmen and Craftsmen (TESK).

22 December 2022

Starvation line in Turkey: 6 thousand 391 lira

Starvation line in Turkey: 6 thousand 391 lira

The 'cost of living' of a single employee has increased to 8,313 Turkish Lira (TRY), which is 4,061 TRY higher than the minimum wage.

'It hurts only the poor': Turkey's finance minister defends 'high growth-high inflation' policies

'It hurts only the poor': Turkey's finance minister defends 'high growth-high inflation' policies

Admitting that the government could have raised the interest rates to curb the inflation, Minister Nebati has unintentionally contradicted President Erdoğan's theory that higher interest rates bring higher inflation.

Turkey considering rent price cap to curb soaring prices

Turkey considering rent price cap to curb soaring prices

Price controls and punishment of those who don’t comply with regulations were also on the table at the meeting of four ministries.

Shopkeepers: Customers just ask for the price, but don't buy anything

İSTANBUL'S BEYOĞLU

Shopkeepers: Customers just ask for the price, but don't buy anything

As the economic crisis deepens in Turkey, shopkeepers in the Beyoğlu district of İstanbul consider shutting down their shops.

23 May 2022 Burak Siperli

Survey: Eighty percent of people in Turkey have difficulties meeting their needs

Survey: Eighty percent of people in Turkey have difficulties meeting their needs

More than 60 percent of the public holds the government responsible for the crisis, whereas 23 percent of all voters and half of the AKP voters blame "foreign powers."

Erdoğan: We live in a country where everyone who wants to work can find a job

Erdoğan: We live in a country where everyone who wants to work can find a job

President and AKP Chair Erdoğan has said, “We are in a period when we have mobilized our economic potential. We, of course, have problems, hardships and troubles. We are aware of them all. We are working on every single one of them.”

Cheap labor and food inflation at the same time

Cheap labor and food inflation at the same time

Governments that view cheap labor as an instrument of growth already tend to implement anti-democratic practices; we should take into account that repression may increase even more in periods like this.

14 April 2022 Bülent Danışoğlu

‘Turkey is also hard, but Syria is fatal’

REFUGEES AMID ECONOMIC CRISIS

‘Turkey is also hard, but Syria is fatal’

In İstanbul’s Aksaray, a refugee neighborhood, we speak to Ferad, Ahmed, Muhammed and Hadje from Syria about how their lives have been affected by the economic crisis.

14 April 2022 Ruken Tuncel

Child poverty in Turkey: ‘Meals skipped almost every day’

PARLIAMENTARY INQUIRY BY HDP

Child poverty in Turkey: ‘Meals skipped almost every day’

HDP MP Kaçmaz has requested that children’s right to be protected from poverty and social isolation be safeguarded and effective policies be put into effect for the children who do not have the means for a healthy life.

HDP's Oluç: It is impossible to curb Turkey’s inflation with such an attitude

HDP's Oluç: It is impossible to curb Turkey’s inflation with such an attitude

HDP Group Deputy Chair Saruhan Oluç has talked about Finance Minister Nebati’s statements: “He said, ‘Inflation will fall after December.' Why will you reduce it after December? Because elections are coming, right?”

Half of people in Turkey 'eat less' to make ends meet, shows survey

Half of people in Turkey 'eat less' to make ends meet, shows survey

More than 60 percent of the people said they stopped eating meat because of the worsening economy.

‘How much poorer could one get in Turkey?’

İYİ PARTY CHAIR AKŞENER

‘How much poorer could one get in Turkey?’

Speaking at the group meeting of her party, İYİ Party leader Meral Akşener has recalled that the consumer inflation rate is over 61 percent even according to official statistics, underlining that this rate marks a 20-year high in Turkey’s history.

Prices constantly soar in Turkey: ‘We are embarrassed to tell customers a price’

Prices constantly soar in Turkey: ‘We are embarrassed to tell customers a price’

Shopkeepers are tired of listening to people’s problems and changing price tags and embarrassed to tell customers a price amid constantly rising prices. As for customers, they are desperate: “Some even ask the tare weight of plastic bags to be deducted”.

6 April 2022 Ayşegül Özbek

‘Poverty in Turkey is a result of government’s deliberate policies’

HDP CO-CHAIR SANCAR

‘Poverty in Turkey is a result of government’s deliberate policies’

Mithat Sancar spoke at the weekly group meeting of the HDP, calling on other opposition parties “to not remain in the playground of the government”.

People, shopkeepers complain about high prices as Ramadan begins

People, shopkeepers complain about high prices as Ramadan begins

"People ask for prices and then just leave," says a butcher as people complain about the high price of the Ramadan pita in Hakkari, one of the poorest provinces of Turkey.

Survey: 59 percent of society’s income doesn’t cover their expenses

Survey: 59 percent of society’s income doesn’t cover their expenses

According to the March 2022 survey of the Turkey Report, the HDP voters are on the top of the list of those who say that their income does not cover their expenses.

Wraps without meat, baklava without nuts: Turkey's new street foods reflect deep poverty

Wraps without meat, baklava without nuts: Turkey's new street foods reflect deep poverty

"Plain" versions of Turkey's popular street foods, dishes and desserts have emerged one after another over the past months as the economic crisis is felt more strongly.

2 April 2022 Volga Kuşçuoğlu

İYİ Party Chair Akşener criticizes Erdoğan’s ‘healthy living advice’

İYİ Party Chair Akşener criticizes Erdoğan’s ‘healthy living advice’

Akşener: “A kilo of water buffalo yogurt costs 70 lira, 700 grams of Medina dates 205 lira, chestnut honey 250 lira, half a kilo of oatmeal 15 lira... And it is supposed to be a sure cure. How will this sure cure come in the households of minimum wage earners?"

HDP demands an effective investigation into 16-year-old Aksem’s death

HDP demands an effective investigation into 16-year-old Aksem’s death

“In order to bring the death of Aksem into light in all aspects, an effective investigation must be conducted immediately and the responsible ones must definitely be revealed,” said Peoples’ Democratic Party Co-Chair Pervin Buldan.

Erdoğan: VAT on cleaning products to be lowered to 8 percent

Erdoğan: VAT on cleaning products to be lowered to 8 percent

Addressing the public following the cabinet meeting, President and AKP Chair Erdoğan has announced that the Value Added Tax on some products such as soap, toilet paper, napkin and baby diapers will be reduced from 18 to 8 percent.

Starvation line tops the minimum wage by 675 lira in Turkey

Starvation line tops the minimum wage by 675 lira in Turkey

The ‘cost of living’ of a single employee has increased to 6,473 Turkish Lira (TRY), which is 2,200 TRY higher than the minimum wage.

Amid rising costs, request for raising public transport fares in İstanbul rejected

Amid rising costs, request for raising public transport fares in İstanbul rejected

The request for raising the public transport fares due to increasing costs was brought to the agenda of the Transport Coordination Center by the opposition-led İstanbul Metropolitan Municipality and public transport business owners.

‘Finance minister’s statement is an admission of the state crisis in Turkey’

İYİ PARTY CHAIR AKŞENER

‘Finance minister’s statement is an admission of the state crisis in Turkey’

İYİ Party leader Akşener addressed Minister of Finance Nebati: “The history of the Republic of Turkey has never seen such impertinence. The history of the Republic of Turkey has never witnessed such an impertinent mentality of governance”.

Main opposition CHP proposes setting the minimum wage every 6 months

Main opposition CHP proposes setting the minimum wage every 6 months

Submitting a legislative proposal, main opposition CHP MP Gürer has underlined that the inflation rate is constantly increasing in Turkey, raising concerns that the value of the minimum wage is also constantly decreasing as a result.

Turkey’s agricultural input price index sees a 57-percent annual increase

TURKSTAT

Turkey’s agricultural input price index sees a 57-percent annual increase

The Turkish Statistical Institute has shared the agricultural input price index for January 2022: Fertilizer and soil improvers with 153.34 percent and energy and lubricants with 101.14 percent were the subgroups with high annual increases.

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