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Turkish Economic Crisis (2018–current)
The Turkish economic crisis (), also known as Great Turkish Depression, is a Financial crisis, financial and economic crisis in economy of Turkey, Turkey. It is characterized by the Turkish lira (TRY) plunging in value, high inflation, Fisher effect, rising borrowing costs, and correspondingly rising Default (finance), loan defaults. The crisis was caused by the Turkish economy's excessive Current account (balance of payments), current account deficit and large amounts of private foreign-currency denominated debt. Some analysts also stress the leveraging effects of the geopolitical frictions with the United States. Following the detention of American pastor Andrew Brunson, who was arrested on espionage charges after the failed 2016 Turkish coup d'état attempt, the First presidency of Donald Trump, Trump administration exerted pressure towards Turkey by imposing further sanctions. The economic sanctions therefore doubled the tariffs on Turkey, as imported steel rises up to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2001 Turkish Economic Crisis
The 2001 Turkish economic crisis was a financial crisis which resulted in a stock market crash and collapse in the Turkish lira as a result of political and economic problems that had been wearing on Turkey for years. Leading up to the crisis, throughout the 1980s and 1990s, Turkey relied heavily on Foreign direct investment, foreign investment for economic growth, with trade above 40% of GNP. The Politics of Turkey, Turkish government and banking systems lacked the financial means to support meaningful economic growth. The government was already running enormous budget deficits, and one of the ways it managed to sustain these was by selling huge quantities of high-interest bonds to Turkish banks. Continuing inflation (likely a result of the enormous flow of foreign capital into Turkey) meant that the government could avoid defaulting on the bonds in the short term. As a consequence, Turkish banks came to rely on these High-yield debt, high-yield bonds as a primary investment. Pol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
COVID-19 Pandemic In Turkey
Coronavirus disease 2019 (COVID-19) is a contagious disease caused by the coronavirus SARS-CoV-2. In January 2020, the disease spread worldwide, resulting in the COVID-19 pandemic. The symptoms of COVID‑19 can vary but often include fever, fatigue, cough, breathing difficulties, loss of smell, and loss of taste. Symptoms may begin one to fourteen days after exposure to the virus. At least a third of people who are infected do not develop noticeable symptoms. Of those who develop symptoms noticeable enough to be classified as patients, most (81%) develop mild to moderate symptoms (up to mild pneumonia), while 14% develop severe symptoms ( dyspnea, hypoxia, or more than 50% lung involvement on imaging), and 5% develop critical symptoms ( respiratory failure, shock, or multiorgan dysfunction). Older people have a higher risk of developing severe symptoms. Some complications result in death. Some people continue to experience a range of effects ( long COVID) for mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Justice And Development Party (Turkey)
The Justice and Development Party ( , AK PARTİ), abbreviated officially as AK Party in English, is a List of political parties in Turkey, political party in Turkey self-describing as Conservative democracy, conservative-democratic. It has been the ruling party of Turkey since 2002. Third-party sources often refer to the party as National conservatism, national conservative, Social conservatism, social conservative, Right-wing populism, right-wing populist and as espousing neo-Ottomanism. The party is generally regarded as being right-wing politics, right-wing on the political spectrum, although some sources have described it as Far-right politics, far-right since 2011. It is currently the largest party in Grand National Assembly of Turkey, Grand National Assembly with 273 MPs, ahead of the main opposition Social democracy, social democratic Republican People's Party (CHP). Recep Tayyip Erdoğan has been chairman of the AK Party since the 3rd Justice and Development Party Extraor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recep Tayyip Erdoğan
Recep Tayyip Erdoğan (born 26 February 1954) is a Turkish politician who is the 12th and current president of Turkey since 2014. He previously served as the 25th prime minister of Turkey, prime minister from 2003 to 2014 as part of the Justice and Development Party (Turkey), Justice and Development Party (AKP), which he co-founded in 2001. He also served as mayor of Istanbul from 1994 to 1998. Coming from an Islamist background and promoting socially conservative policies, Turkey has experienced increasing authoritarianism, democratic backsliding and suppression of dissent under Erdoğan's rule. Erdoğan was born in Beyoğlu, Istanbul, and studied at the Marmara University, Aksaray Academy of Economic and Commercial Sciences, before working as a consultant and senior manager in the private sector. Becoming active in local politics, he was elected Welfare Party's Beyoğlu district chair in 1984 and Istanbul chair in 1985. Following the 1994 Istanbul mayoral election, 1994 lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fatih Karahan
Fatih Karahan (born 1982) is a Turkish economist who has served as Governor of the Central Bank of the Republic of Turkey since 3 February 2024. Karahan previously worked in private practice as an economist for Amazon, and as an economist at the Federal Reserve Bank of New York. Early life and education Fatih Karahan was born in Eskişehir, Turkey in 1982. He entered Istanbul High School in 1993. After completing his secondary education, he studied Mathematics and Industrial Engineering at Boğaziçi University, graduating in 2006. He went on to study in the United States at University of Pennsylvania, receiving both a Master of Economics and a doctoral degree in economics in 2012 under the supervision of Dirk Kruger and Guido Menzio. Career After earning his PhD, Karahan started his professional career as an economist at the Federal Reserve Bank of New York. He was the head of the labor and product market department and advisor for monetary politics until 2022. He taught a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hafize Gaye Erkan
Hafize Gaye Erkan (born 1979, Istanbul) is the former governor of the Central Bank of Turkey. She is a former co-CEO and president of First Republic Bank and was a member of the company's board of directors. She is the former Chief executive officer, CEO of Greystone & Co Inc, a New York-based national real estate finance company in the senior-housing industry. She also was a board member at Tiffany & Co., Tiffany & Co and a director at Marsh & Mclennan Cos Inc. Personal life She was born in Istanbul Istanbul is the List of largest cities and towns in Turkey, largest city in Turkey, constituting the country's economic, cultural, and historical heart. With Demographics of Istanbul, a population over , it is home to 18% of the Demographics ..., Turkey in 1979, to an engineer father and a mother who taught mathematics and physics. As a child, Erkan composed and sold operas. She graduated from Istanbul High School and enrolled at Boğaziçi University's (BOUN) Department o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mehmet Şimşek
Mehmet Şimşek (born 1 January 1967) is a Turkish politician and economist, who has been serving as the List of Finance Ministers of Turkey, Minister of Treasury and Finance since 4 June 2023. He was the Deputy Prime Minister of Turkey from 24 November 2015 until the office's abolition on 9 July 2018. He previously served as the minister of finance from 2009 to 2015, in the cabinets of Prime Ministers of Recep Tayyip Erdoğan and Ahmet Davutoğlu. As a member of the Justice and Development Party (Turkey), Justice and Development Party, he was elected as a Member of Parliament#Turkey, Member of Parliament for Gaziantep (electoral district), Gaziantep in the 2007 Turkish general election, 2007 general election and for Batman (electoral district), Batman in the 2011 Turkish general election, 2011 general election. In Prime Minister Erdoğan's Cabinet Erdoğan II, second cabinet (2007-2011), Şimşek became a minister of state responsible for the Economy of Turkey, economy upon his ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of the longest-running newspapers in the United States, the ''Times'' serves as one of the country's Newspaper of record, newspapers of record. , ''The New York Times'' had 9.13 million total and 8.83 million online subscribers, both by significant margins the List of newspapers in the United States, highest numbers for any newspaper in the United States; the total also included 296,330 print subscribers, making the ''Times'' the second-largest newspaper by print circulation in the United States, following ''The Wall Street Journal'', also based in New York City. ''The New York Times'' is published by the New York Times Company; since 1896, the company has been chaired by the Ochs-Sulzberger family, whose current chairman and the paper's publ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CNBC
CNBC is an American List of business news channels, business news channel owned by the NBCUniversal News Group, a unit of Comcast's NBCUniversal. The network broadcasts live business news and analysis programming during the morning, Daytime television in the United States, daytime trading day, and early-evening hours, with the remaining hours (such as weekday prime time and weekends) are filled by business-related Television documentary, documentaries and reality television programming, as well as occasional NBC Sports presentations. CNBC operates an accompanying financial news website, CNBC.com, which includes news articles, video and podcast content, as well as subscription-based services. CNBC's headquarters and main studios are located in Englewood Cliffs, New Jersey, while it also maintains a studio at the Nasdaq MarketSite in Times Square, New York City. CNBC was originally founded in April 1989 as the Consumer News and Business Channel, a joint venture between NBC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nikkei Asia
''Nikkei Asia'', known as ''Nikkei Asian Review'' between 2013 and 2020, is a major Japan-based English-language weekly news magazine focused on the Asian continent, although it also covers broader international developments. It is headquartered in Tokyo, Japan and was originally launched in 2013. Ownership ''Nikkei Asia'' is owned by Nikkei, Inc., Japan’s largest financial news group and the publisher of the country’s leading business daily, The Nikkei. In July 2015, Nikkei, Inc. acquired the London-based Financial Times from Pearson PLC for £844 million, marking a significant expansion of its international media portfolio. Since the acquisition, editorial collaboration between Nikkei Asia and the Financial Times has deepened, including content sharing, joint reporting on major regional developments, and cross-posting of selected articles. Journalists from the Financial Times are occasionally seconded to Nikkei Asia as part of staff exchange programs aimed at promoting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reuters
Reuters ( ) is a news agency owned by Thomson Reuters. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide writing in 16 languages. Reuters is one of the largest news agencies in the world. The agency was established in London in 1851 by Paul Reuter. The Thomson Corporation of Canada acquired the agency in a 2008 corporate merger, resulting in the formation of the Thomson Reuters Corporation. In December 2024, Reuters was ranked as the 27th most visited news site in the world, with over 105 million monthly readers. History 19th century Paul Julius Reuter worked at a book-publishing firm in Berlin and was involved in distributing radical pamphlets at the beginning of the Revolutions of 1848. These publications brought much attention to Reuter, who in 1850 developed a prototype news service in Aachen using homing pigeons and electric telegraphy from 1851 on, in order to transmit messages between Brussels and Aachen, in what today is Aa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
