In the second episode of ‘Zeitgeist Turkey’, Duvar English’s Cansu Çamlıbel and pollster Can Selçuki talk about the the shortfalls of the economic shield package of the government and survival mode in Turkish society set off by the coronavirus outbreak. They also discuss the political implications of sudden removal of the Transport Minister from his post following mounting criticism for holding the first tender for controversial Kanal Istanbul project last week.
The unemployment rate among Turkey's young population, ages 15 to 24, has surged to 25 percent in December of 2019, higher than the past six years' rates, the Turkish Statistical Institute (TÜİK) revealed March 10. The average unemployment rate has also risen from 2018 to reach 13.7 percent.
Turkey's Trade Ministry has placed protective medical gear like masks, bodysuits and gloves, on the list of items that need ministry pre-approval for being sold abroad, the official gazette said on Mar. 4. The export regulation comes amid a worldwide coronavirus outbreak that increased the global demand for such goods.
Turkey's most recent increase of its special consumption tax on gas and diesel fuel will bring an estimated five billion Turkish Liras of annual income. With a 0,18 TL/litre increase on the tax, it is now 2,52 TL/litre for gas and 2,05 TL/litre for diesel fuel.
Governments across the world are starting to use more fiscal firepower to boost economies as the coronavirus outbreak is taking a toll on the global economy. Also, central banks across the world have announced that they are “closely monitoring” the risk from the coronavirus outbreak, as investors increasingly expect the Fed to lower interest rates by 25 basis points next month.
Journalist Murat Yetkin, in his last piece, analyzed the state of Turkish economy and its effects over domestic political calculations of President Tayyip Erdoğan. Yetkin argued that under the ongoing economic circumstances, an early election for Erdoğan will be too risky and unnecessary.