Turkey's economic crisis only just begun – Peterson economist says

For at least the problematic middle class, Turkey is just the beginning of the economic crisis, according to American economist Jacob Kirkgard.

Peter Keke, a senior researcher at Peterson Institute of International Economics, told Turkish VOA in an interview.

Kirkegaard said the government has chosen economic pressures. This is reflected in the inflation prevention plan including corporate price cuts, indicating that there is no other means to deal with inflation. He said the inflation rate is now 24.5%, which is expected to maintain high levels over the long term, consumers' purchasing power is declining.

Turkish lira strengthened against last week's dollar. After hitting the low of August of 22 on Thursday, it exchanged 57 against the US dollar on Thursday. Six days ago, the court in Turkey announced the imprisonment of American pastor Andrew Brunson.

Kirkegaard said the only way to restore investor confidence in the country is to open doors to the IMF and raise new funding. However, this requires political costs, including good relations with the United States and the European Union, and Turkish President Recep Taip Erdogan does not want to take action.

According to economists, the economic crisis in Turkey is primarily caused by erroneous management of Prime Minister Erdogan, that is, unsustainable borrowings with low economic income, Chronism, a huge public works project. . Mr. Erdogan may have no problem solving his country, but so far he has no responsibility, nationalism, resentment to the West, rigid control over the media of the country, and his own strong I changed popularity and politics. skill

Economists and economists have experienced difficult times since the 2008 financial crisis. Critics seem to think that economists are either "gods" or at least "priests" and at the same time an economist takes responsibility for the financial crisis. Stupid thought, but a powerful economist seems to be unable to stop Brexit. My goal is worth pointing out two things, but not defending or attacking economists and economists. Firstly, as this profession seems to have many differences, secondly economists can object to it, so the rest of us should decide which economic advice should be decided I can not give up. It is ideal for policy makers and business and charity leaders. But in democracy, we all need to have more interest in economics.

The economic crisis and the economic situation will gather key economists with diverse backgrounds and present views on how economics explains the current crisis and how it will affect economic thinking . Contents: R. Skidelsky: Introduction / Part 1: Risk and Uncertainty in Economics / P. Davidson: Risk and Uncertainty / M. Potter: Experience in Statistical Finance / S. Mukerji: Ambiguity and Economic Activity: Current Impact on the credit crisis Market / Part 2: Macroeconomics and current crisis / C. Good Heart: Macro theory failure / M デ サ イ: Hayek: Another perspective / C. Bliss: Globalization and the current crisis / V . Yoshi: Global Imbalance and Current Crisis / Part III: Model, Image and Ethics / J. Kei: Economics Knowledge / R. Bronk: Structural Role of Metaphor and Model / E.Skidelsky: Moral Economics Criticism April 2010 Hard cover