Saturday , February 27 2021

Capital flight escapes from Turkey



The Turkish economy hardly gets power from a blow to get stronger. According to the predicted unemployment rate in the country since last year, one of the members of the opposition disclosed horrifying statistics on the year of foreign investment.

According to the deputy leader of the opposition Republican People's Party Akyut Erdogan, data on the balance of payments issued by the central bank show that the funds invested by foreign investors in Turkey due to large-time gains and Turkish money, the exchange rate of the lira in foreign currency .

"According to statistics, in the first nine months of this year, 20 billion dollars of bonds, deposits and deposits of local capital came out," Erdogan quoted the Zaman newspaper as saying.

And the leader of the opposition party, the size of foreign capital that entered the country in 2018 fell to a third of last year.

A new blow to the Turkish economy

The Turkish economy was hit on Thursday as the unemployment rate in the country rose from last year, among other crises hit by Ankara, mainly due to the deterioration of the local currency.

Unemployment in Turkey increased to 11.1 percent from July to August this year, and the highest level since the beginning of last year, according to government data.

Unemployment in Turkey reached 10.6 percent in the same period last year, and the loss of 40 percent of the Turkish lira this year led to a major recession in the country's economy.

New government data showed that without agricultural unemployment between July and September this year was 13.2 percent on average.

Dark future vision

On November 9, Moody's said that the "world of pain" will be the Turkish economy next year, especially after the Turkish lira recorded the worst results this year.

According to Bloomberg, this year's lira is falling into serious economic problems, as growth in developed and emerging markets is slowing down.

The International Monetary Fund (IMF) says Turkey's economic growth could fall to 0.4 percent in 2019 from 3.5 percent this year.

"Weak pounds and rising borrowing costs will be a reflection of investment and spending," the IMF said in a report.

On August 10, the lira reached its peak this year, with the process declining by 18 percent during trading, and almost 40 percent since the beginning of the year.

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