Pakistan's 'friend' is facing financial crisis… hopes from countries like Albania-Serbia.
Turkey's economic condition is getting worse day by day. Many big companies and industries of the country are facing financial crisis and many are on the verge of closure. According to some media reports, the effect of rising inflation has now started showing in the tourism sector as well. Due to inflation, the number of tourists in Turkey is continuously decreasing, which is a matter of concern.
Turkey, which is known for its budget-friendly tourism, is now being abandoned by tourists and is headed towards Greece. It is believed that if the government does not take any special steps for this, then the hotel industry may have to face even worse times in the coming years.
In fact, Turkey has been facing an economic crisis for many years due to declining foreign exchange reserves, a rising inflation rate and falling value of the Turkish currency Lira. The situation became so bad that the government had to open subsidized food canteens in 2022. During this period, the inflation rate in Turkey had reached 85 percent. At the same time, according to IMF estimates, the inflation rate in Turkey is going to be around 60 percent this year.
Little hope of relief from inflation
Actually last year the Turkish government started efforts to get the economy out of the crisis, but under this, the Central Bank of Turkey has increased the interest rate from 8.5 percent to 50 percent in the last one year. At the same time, the maximum monthly interest rate on credit cards has also been increased three times to 4.25 percent. The Erdogan government has increased taxes and after increasing the minimum wage by 49 percent in January, it has refused to increase it this year.
According to experts, there may be a fall in inflation rate in the coming days but it is not necessary that this will reduce the prices of everyday goods. The country's foreign exchange reserves are continuously falling. The value of Turkey's currency Lira has reached Rs 83.92 against one dollar.
Turkey to support Albania-Serbia?
Turkish President Recep Tayyip Erdogan is trying to rescue the country from this economic crisis. As a part of this, he has also applied to join BRICS, while now he is trying to improve the condition of the country by visiting countries like Albania and Serbia.
On Thursday, Erdogan visited Albania and an important agreement was reached to increase trade and investment between the two countries. A joint statement said that Turkey and Albania will continue their efforts to increase the trade volume to $2 billion in the first phase. After Albania, Erdogan has now reached Serbia. Here too, his focus will be on agreements to boost the economy.