World

The current state of the Turkish economy

Published

11 months ago

June 15, 2023

Turkey is a tempting place — abundant with valuable natural resources, plentiful commodities, and boasting a robust export profile. It is one of the largest economies in the Middle East and North Africa region. However, it had a significant decline due to recent presidential elections, resulting in Recep Tayyip Erdoğan securing a third term in office.

While the whole world was closely watching the elections in Turkey, reading all kinds of media, traders and investors’ main source of information was the economic calendar, containing the main updates on major global affairs affecting the market. But before making predictions, let’s analyze what Turkey’s economy is made of.

Tourism plays a vital role in the Turkish economy. In 2022, the country welcomed over 35 million tourists, accounting for approximately a quarter of the total European tourist influx. Turkey’s industrial and service sectors are also progressing, centered around major industrial hubs like Istanbul, Ankara, and Izmir. Another significant component of the country’s economy is exports, encompassing textiles, clothing, electronics, chemicals, and other goods. As of May 2023, Turkey’s export figures stood at around $21.7 billion.

The Turkish economy places significant importance on agriculture. Despite the fact that at the start of 2023 indicators reached a nearly all-time low, Turkey still leads in tomato and pistachio production globally and actively exports vegetables, fruits, grains, and meat.

One notable development is the 8.3% increase in fees for ships passing through the straits, as Turkey aims to benefit from geopolitical circumstances related to trade growth and anti-Russian sanctions. This will allow Turkey to earn about $900 million, compared to the previous-year $160 million. Nevertheless, this seems to be insufficient for saving the Turkish Lira, which has reached a new all-time low.

Analysts highlight the reluctance of banks to intervene in currency matters as a key reason for the currency’s weakness, possibly indicating a forthcoming shift in monetary policy. The appointment of Mehmet Shimshek, a former Merrill Lynch strategist, as the finance minister and head of treasury under the new administration, has sparked hope for a return to more conventional economic policies.

Post-election, President Erdoğan has prioritized addressing the high cost of living, exorbitant prices, and reducing inflation to single digits. Officially, the inflation rate is estimated at nearly 40% per year, while unofficial sources claim it exceeds 100% per year.

Rising energy prices pose another challenge for Turkey, leading to increased production costs and higher prices for goods and services.

Nevertheless, Turkey achieved a major milestone in 2023 by signing a free trade agreement with the European Union. This allows Turkey to expand the export of its goods and services to the European market, potentially boosting income and economic growth.

Despite these efforts, Turkey’s economy still faces challenges like high unemployment rates and low incomes. The government is actively working on solutions, including job creation and income augmentation for the population.

The country continues to prioritize the development of its tourism industry, aiming to attract a record-breaking 40 million tourists in 2023. Additionally, Turkey is making strides in e-commerce, positioning itself as a global player in the market by 2024. However, the full recovery of the Turkish economy will require time and effort on the part of the government and business.

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Dartmouth Jewish Studies HOD, Annelise Orleck Arrested; Video Surfaces

Published

1 hour ago

May 3, 2024

Subhashree Panda

Dartmouth Jewish Studies HOD, Annelise Orleck Arrested; Video Surfaces

Annelise Orleck, a professor of Dartmouth College, is all over the internet. She is the head of Jewish Studies at the institution.

Annelise Orleck was arrested on Wednesday night during a pro-Palestinian protest on campus. Along with her, dozens of other professors were also arrested. Allegedly, they all showed up to support students.

Recalling the incident, the 65-year-old stated that when police moved into the college on Wednesday night to arrest them, Dartmouth Green was unrecognizable.

Annelise said that when she was trying to protect students, her phone was snatched from her and she was knocked down.

Annelise Orleck added that, in her entire career of being a professor at the college for decades, she had never witnessed anything like that.

The ADL is praising Dartmouth’s response to anti-war protests after the police called in to remove protesters brutally knocked down and arrested 65 year old Professor Annelise Orleck, who is head of Jewish Studies and now banned from campus for six monthspic.twitter.com/ElGse9bEUj https://t.co/wXI64HXhRv— Dylan Williams (@dylanotes) May 2, 2024

A video of this incident has gone viral all over social media platforms in which police officers can be spotted pushing her against the ground, and then they detain her.

According to WMUR9, Orleck stated,

“I was mad because they had taken my phone, and I was mad because they just body-slammed me, and it hurt. And so, I went and said, ‘Give me back my phone’. I’m trying to get my phone back. I did. And, at that moment, three police lifted me up in the air, slammed me down onto the ground. I mean, I threw myself down onto the ground on my bad shoulder. And they said I was resisting arrest.”

The video of the 65-year-old that went viral was captured at the protest by news channels.

She added,

“And it’s really shameful in a sleepy little campus, in a rural area like Dartmouth, that they brought in this ridiculous show of arms and strength and violence.”

Who is Annelise Orleck?

As per womenalsoknowhistory.com, Annelise Orleck was born and brought up in Brooklyn. Currently, she resides with the journalist Alexis Jetter, her partner in Thetford Center, Vermont.

At the college, the 65-year-old teaches Jewish Studies, Women’s Gender and Sexuality Studies, and History.

Moreover, she has been serving at Dartmouth for more than thirty years now. However, her bail condition states that she is banned from entering Dartmouth’s campus.

Annelise Orleck stated she sent some emails to the institution, but was left unanswered. She said that being a Jewish woman, she was quite worried about her safety, especially after Wednesday night’s police response.

Also Read: Christopher Bouie Jr Video: Minor Arrested For Sanford, Florida Shooting Leaving 10 Injured

World

LVAC Shooting Update: Male Suspect Arrested, Near Las Vegas Gym On Flamingo Road

Published

23 hours ago

May 2, 2024

Subhashree Panda

LVAC Shooting Update: Male Suspect Arrested, Near Las Vegas Gym On Flamingo Road

A shooting incident that took place at the Athletic Club of Las Vegas on Wednesday afternoon is currently the talk of the town.

In the wake of the incident, a man linked with the shooting incident has been taken into police custody.

Reportedly, the incident occurred shortly after 1:30 p.m. in the 9600 block of W. Flamingo Road.

Fox5 reported that, when the police officials reached the scene, they discovered a male suspect inside a car. Police asked the man a few questions and tried to contact him, but the man refused to come out of the vehicle.

Suspect Arrested

SWAT and crisis negotiators arrived at the scene and the male suspect was apprehended. More information about the story is not available yet.

The place where the shooting occurred has been placed on lockdown temporarily, reported Times Now.

In regard to the incident, one person wrote, “Cops and helicopters everywhere, And so many gunshots were fired. The helicopter was talking through the microphone. What’s going on?”

Following the incident, an increased presence of police and law enforcement officials could be spotted in the area.

Also Read: Chelsea NYC Shooting: One Dead, One Arrested in Gunfire On West 24th Street

World

Warren High School Stabbing Incident: School Placed Under Lockdown, One Student In Custody

Published

24 hours ago

May 2, 2024

Subhashree Panda

Warren High School Stabbing Incident: School Placed Under Lockdown, One Student In Custody

The Warren High School stabbing incident has dominated the media headlines. In connection to this stabbing incident, a student has been taken into custody.

Two students were involved in a brawl in which one stabbed another. The victim suffers life-threatening injuries, reported NBC.

The incident occurred on Wednesday at Warren High School in Downey, California. The school confirmed the incident in a Facebook post.

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A post shared by Downey PD (@downeypolice)

It stated that the academic institution was placed on a brief lockdown in the wake of the incidents. Furthermore, all students were safe.

Announcement by Warren High School

The school wrote,

“There has been an incident between two students at Warren High School that warranted a lockdown and the lockdown has been cleared. At this point, we can confirm one of the students is receiving medical treatment due to an injury to a sharp object. Downey Police have the student in custody.”

Warren High School added,

“Police are conducting an investigation and students are remaining in class for now. All students and staff on campus are safe. Additional information will be sent as soon as possible.”

According to Times Now, as per the reports available, classes of the students resumed at 2 p.m. Parents were also provided with an option to take their kids safely back home for the day.

Situations that resulted in the incident haven’t been made public yet.

Also Read: Chelsea NYC Shooting: One Dead, One Arrested in Gunfire On West 24th Street