61558
Turkey Jobless at 12.7%, Youth Rate at 24%
Turkey Jobless at 12.7%, Youth Rate at 24%
  1. World Economy

Turkey Jobless at 12.7%, Youth Rate at 24%

  1. World Economy

Turkey Jobless at 12.7%, Youth Rate at 24%

Turkey’s unemployment rate hit 12.7% in December, rising by 1.9 percentage points year-on-year, while youth unemployment stood at 24%, state agency Turkstat reported.
In November, the jobless rate was at 12.1% and was already the highest in seven years, news.com.au reported.
The number of 15-24 year olds who were neither employed nor in education was at 24.8%. The labor force participation rate came in at 51.6%.
Rising unemployment has been coupled with Turkey’s worst economic slump since 2008, with growth shrinking by 1.8% in the third quarter.
The lira has also been the worst performing emerging market currency of 2017, heaping inflationary pressures on the economy and posing a headache for the country’s central bank which will make its latest monetary policy decision on Thursday.
Analysts are expecting no change to the Central Bank of the Republic of Turkey’s three main interest rates after it eased credit conditions with a rate cut in January. Still, the lira has taken a fresh blow this week after the Turkish government has been engaged in an almighty diplomatic row with the Netherlands.
Following a series of weekend spats–where Turkey’s finance minister was barred from entering the country and its family minister turned away at the border–Ankara has now refused entry to the  Dutch ambassador and blamed Dutch troops for the massacre at Srebrenica.
As tensions continue to rise between Turkey and Western Europe, an economic slump is gathering pace in the country. Foreign investment is crashing, and unemployment and inflation are hitting the masses hard.

 

Short URL : https://goo.gl/IE5ITT
  1. https://goo.gl/9mTJOA
  • https://goo.gl/7EnsTq
  • https://goo.gl/xBWfNb
  • https://goo.gl/KNu5Hi
  • https://goo.gl/TwaB2B

You can also read ...

IMF Says Mongolia Tax Rates Low
Tax rates in Mongolia are low, compared to rates in developing...
The central bank of Thailand in February held its headline interest rate flat at 1.5% and expects the economy to recover at a faster pace in 2017.
Asean members must remain vigilant to ensure a stable 2017...
Italy Retail Sales Rise
Italy’s retail sales increased at a faster-than-expected pace in...
$7.5b Bailout
Kazakhstan’s state-run “bad bank” will buy 2.4 trillion tenge ($...
Russia CB May Cut Rate
Russia’s central bank could consider cutting rates at its next...
US Consumer Prices Rise
US consumer prices rose at a slower pace in February. Clothing...
Households borrowed C$28.4 billion in the fourth quarter,  up from C$18.7 billion in the previous quarter.
Canadian household debt as a share of income rose to a fresh...
ADB Sees Azeri Economy Falling by 1.1 Percent
The Asian Development Bank sees the economy in oil-rich...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus