The index, which indicates an optimistic future outlook when its reading exceeds the level of 100 and pessimistic when it falls below that, recorded a record low in 2020 before rebounding after easing the measures related to the Corona virus..
The government has taken a number of measures to limit the repercussions of the earthquake, which is expected to cost at least $50 billion. But economists expected the earthquake to reduce economic growth in Turkey this year by about one or two percentage points.
More than 160,000 buildings comprising 520,000 apartments in Turkey collapsed or were severely damaged due to the earthquake, which is the worst disaster in the country’s modern history..
Despite the persistence of inflation rates at high levels, the Turkish Central Bank announced last week that it would cut interest rates by 50 basis points to reach 8.5 percent, the lowest level in 3 years, as part of the emergency response by the Turkish authorities to help the country recover from the repercussions of the major earthquake that occurred. It hit it this month and resulted in thousands of deaths and injuries.
On the other hand, Turkey’s foreign trade deficit rose 38.4 percent year-on-year to $14.24 billion in January, with imports rising 20.7 percent and exports 10.3 percent, his data showed Monday..
The Turkish Statistical Institute stated that imports jumped to $33.61 billion in January, while exports increased to $19.37 billion..
Under an economic program that was revealed in 2021, Turkey seeks to shift to recording a surplus in the current account account by boosting exports and lowering interest rates, despite the rise in inflation and the currency’s collapse over the past years..
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