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Majority of Turks think economy will get worse in 2024: survey

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A majority of Turks believe the economy will get worse in 2024, the T24 news website reported on Monday, citing a recent survey published by Saros Political and Social Research.

The survey, conducted on 2,260 people across 30 provinces, showed that a majority of people in the country, 57.5 percent, think the economy will be worse next year than it currently is.

While 11.4 percent believe the economy will “remain the same” in 2024, those who say “It will be better” were at 23.7 percent, and 7.3 percent did not express any opinion.

When they were asked about the biggest problem in Turkey at the present time, 70 percent named the economy, followed by unemployment (6.2 percent), lack of justice (5.6 percent), wars (3.7 percent), refugees (3.4 percent), education (2.8 percent), security (1.7 percent), the government (1.4 percent), terrorism (1.2 percent) and low retirement pensions (1.2 percent).

The participants were also asked which political party could provide solutions to these problems. While 24 percent answered the ruling Justice and Development Party (AKP) could do it, the choice of 11.2 percent of participants was the main opposition Republican People’s Party (CHP). Some 33 percent of respondents said none of the political parties in Turkey can solve its problems.

In line with the results of the survey, Turkey’s central bank last week raised its inflation forecasts for the end of 2023 and 2024, with a new end-2023 estimate of 65 percent, up from a previous forecast of 58 percent, and a peak expected next May as high as 75 percent.

The bank said price growth will finish next year at 36 percent in a revision from 33 percent.

Turkey’s official annual inflation rate peaked at 85 percent last October and climbed back up above 60 percent last month.

The bank has more than quadrupled borrowing costs since President Recep Tayyip Erdoğan dropped — or at least put aside — his long-standing objection to the idea that raising interest rates helps fight inflation.

The Turkish lira has weakened some 33 percent so far this year.

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