If you put the money in interest, it will not yield half of what inflation produces.

“From The economy is bad. Why are shopping centers and cafes full? The slogan “There is no crisis” is frequently heard in Turkey, as in many countries suffering from high inflation. However, as inflation increases, the tendency to run away from money and spend increases even more. For example, Argentina… In a country going through an extraordinary financial crisis, Argentinians want to spend their local money due to inflation and depreciation, causing restaurants to be crowded in the country.

Former Treasury Undersecretary Dr. stated that spending in Turkey is not actually an indicator of prosperity. Mahfi Eğilmez said: “Interest on deposits is 40 percent, inflation is 60 percent. Inflation in the minds of citizens is 150 percent,” and continued: “Citizens said: ‘Even if I apply it to interest, I don’t have half The money left due to inflation Think: “I should at least change cars or get into the stock market.” When you look at the cafes and restaurants, they are full. Because people run away from money and does not keep it. “This causes an increase in demand.”

BELOW 40 PERCENT IS DIFFICULT

Altınbaş University faculty members Prof. Dr. Işın Çelebi and Dr. Mahfi Eğilmez evaluated the current situation of the economy at the Wednesday Meetings “Economy Conversations” event organized by Altınbaş University. Teacher. While Çelebi explains that it is very difficult for inflation, which remains at 65 percent in Turkey, to fall below 40 percent in 2024, according to Eğilmez, inflation is not the only problem. Law, relations with neighbors, democracy and most importantly education. Eğilmez said: “In 1980, while the per capita income in Turkey was $2,300, in South Korea it was $1,800. Today it costs $35,000 in South Korea and $10,000 in Türkiye. How did they get here? “The problems must be inventoried and the most serious ones resolved,” he said.

‘Türkiye doesn’t fit in that dress’

Former Minister of Economy Prof. Dr. Işın Çelebi stated that a slowdown process has begun in the world, that the contraction will also affect Turkey’s exports, that the exchange rate will increase a few more steps in 2024 and that the suppression policy currency exchange cannot be implemented. Çelebi said: “Türkiye can’t fit into that dress. The current account deficit will increase. 50 percent of Türkiye’s exports go to European Union countries. Germany reduced from 5 business days to 4 business days, there are serious bankruptcies. England is also experiencing this. “In this sense, it informs us that more restrictive and orthodox policies will be implemented, especially after April,” he said.

‘It may be the most dangerous period in recent years’

USAJamie Dimon, CEO of JPMorgan, Turkey’s largest bank, warned that tension in the Middle East could have widespread effects on energy, trade and food. In his assessment following the announcement of the bank’s balance sheet, Dimon stated that the world is facing various threats. Dimon said: “The world may be experiencing one of the most dangerous periods in recent decades,” referring to the war in Ukraine and the conflict between Hamas and Israel. Dimon said these tensions could have far-reaching effects in terms of energy, food, global trade and geopolitics. The profit of the largest US bank in the third quarter increased by 35 percent compared to the same period last year, reaching 13.2 billion dollars.