Turkey to face ‘serious economic crisis’, says FM Çavuşoğlu

Turkey was affected by previous crises to varying degrees, but currently is facing a more serious one, Turkish Foreign Minister Mevlüt Çavuşoğlu told members of the ruling Justice and Development Party (AKP) on Saturday.

“Today our people grapple with high inflation, price hikes and rising cost of living. We do not deny this, these are facts. But let us see that these crises are deeply affecting the whole world,” Çavuşoğlu said.

However, the government cannot hesitate because the same issue affects the whole world, the minister said. “Like we solved problems to this day, it is our duty to overcome these crises and offer the best services to our people.”

Turkey’s inflation was measured as 73.5 percent in May, and the lira has already lost some 20 percent of its value in 2022 following last year’s 40 percent value loss.

The independent Turkish Inflation Research Group (ENAG) measured inflation as 160.8 percent in May, saying it could accelerate to more than 200 percent.

The opposition is using the economic crisis to create discontent, the minister said.

Official unemployment stands at 11.3 percent in the country, whereas idle labour force was recorded as 21.7 percent in April, according to Turkish Statistics Institute figures. Meanwhile, scholar Gizem Özkan found that 28.5 percent of Turkey’s poor were working for daily wages, while another 24 percent worked at their own business, and 32 percent were undertaking unpaid domestic labour. Employers made up some 1.8 percent of Turkey’s working poor.

The COVID-19 pandemic has led to a drastic rise in poverty and working poverty in Turkey, the scholar found.

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