As of: February 5, 2024, 3:31 p.m
By: Erkan Pehlivan
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Turkey is still in an economic crisis.
Officially, the inflation rate is 64.86 percent - but there is suspicion of manipulation.
Ankara – The economic situation in Turkey remains tense.
According to the state statistics office TÜIK, the annual inflation rate is 64.86 percent.
There are doubts about the government figures.
The independent economic research institute Ena Grup even assumes 129.11 percent inflation.
There are also different values for the monthly inflation figures: TÜIK puts them at 6.70 percent - and Ena Grup at 9.38 percent.
Measurement for inflation in Turkey changed again
Recently, the state statistics office also reassembled its basket for calculating inflation figures.
This includes various products, rental prices and services that are monitored to calculate inflation.
Women's jackets and event room rentals for weddings and engagements were also added to the basket.
Children's shoes, on the other hand, are no longer in the basket for determining inflation.
Why something is put in or taken out of this basket is not explained.
However, such practices could be well suited to manipulating inflation figures.
Products that do not rise sharply in price can slow down inflation figures.
Inflation in Turkey continues to rise significantly
That's why criticism of the TÜIK is growing because the inflation figures are glossed over.
The financial expert Dr.
Murat Kubilay on X published a list of 25 products and services whose prices have increased the most in the past five years.
Wristwatches have become more expensive by 1,019 percent in the past 5 years, potatoes by 1,001 percent, milk by 828 percent and standard hospital services by 682 percent.
“The official inflation during this period is 500%, that is, even TÜİK admits that prices have increased five times and six times,” comments Kubilay on X.
Finance Minister Mehmet Simsek tries to appease.
An increase in inflation in January does not reflect the inflation trend.
“From February onwards, we expect monthly inflation to decline significantly and to develop in line with our forecast.
Annual inflation will decline significantly in the second half of the year,” writes Simsek on X.
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The renowned economics professor at the Massachusetts Institute of Technology (MIT), Daron Acemoglu, blamed the lack of rule of law for the economic situation that has persisted for years.
Young and well-educated people in particular are increasingly leaving the country.
“Freedoms are being restricted.
The brightest young people, who see Turkey's future as bleak, have started going abroad.
If only a few leave, there is no problem, but if there are so many, it will lead to a collapse and Turkey is on the verge of that,” he said in an interview with
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Human rights organizations such as Human Rights Watch and Amnesty International repeatedly denounce human rights violations in Turkey.
It also continues to ignore the rulings of the European Court of Human Rights.