Turkish economy may collapse in a year or two, expert warnsNovember 28, 2016 - 12:34 AMT PanARMENIAN.Net - The Turkish economy may collapse in a couple of years if politicians do not show the West that the economy is trustworthy, Daron Acemoglu, Professor at the Massachusetts Institute of Technology (MIT), said according to Hürriyet Daily News. “Economic growth comes from consumption and consumption is encouraged by loans. This is not sustainable. We have very little time left. There might be a crisis,” Acemoglu said. “This may occur in the next one or two years,” he added The election of Donald Trump as the president of the United States is speculated to cause foreign capital outflow from Turkey, Acemoglu warned. "If the interest rates rise in the U.S., which is expected in Trump’s administration, the withdrawal of capital will accelerate. We have to get our act together before this happens,” he said. Acemoglu added that economic development is highly correlated to press freedom. “For a long-term development, transparency, openness, comprehensiveness and competitiveness are crucial. It is very hard to provide that in places where there is no press freedom. Then, the risk of monopolization, corruption of the judicial system, and the emergence of dictatorship escalates,” he said. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Welcome to CaseKey 2024. Byblos Bank Armenia firmly stands by future innovators Strategic business cases, invaluable experience, innovative approaches and more than 25 events are in store for the participants of CaseKey 2024. Macron honors Charles Aznavour on 100th anniversary French President Emmanuel Macron has paid tribute to the memory of French-Armenian crooner Charles Aznavour. Blinken says U.S. reviewing a number of aid requests from Armenia He said the U.S. is reviewing the requests to determine what more it can do to increase its assistance to Armenia. At least 2 CSTO members participated in preparing 44-day war against Armenia – PM Nikol Pashinyan has declared that at least two CSTO member countries participated in preparations for the 44-day war against Armenia. |