Renewable shift to help Turkey add over 300,000 new jobs by 2030

By investing in renewable energy rather than continuing to rely on fossil fuels, Turkey could create more than 300,000 new jobs by 2030, according to a newly published United Nations report. Turkey could reap huge economic benefits in shifting new investments from fossil fuels to renewable energy sources, said a joint analysis released Tuesday by … Read more

Turkish consumer confidence drops to record low

The Turkish consumer confidence index hit a fresh record low in June, official data showed Wednesday, as surging inflation weighed further on sentiment. The index dropped 6.2% to 63.4 points this month, figures from the consumer tendency survey carried out by the Turkish Statistical Institute (TurkStat) and the Central Bank of the Republic of Turkey … Read more

Turkey proposes over $50B extra budget to tackle rising costs

Turkey’s government on Monday submitted a proposal to Parliament for a supplementary budget of more than $50 billion amid a surge in global energy prices and rampant inflation. The government now expects to spend an extra TL 880.5 billion ($50.8 billion) through the end of the year. The state-owned gas and coal importers account for … Read more

Turkey signals wage hike to help workers amid soaring inflation

The Turkish government on Tuesday signaled it could increase wages as of July, in an effort to safeguard households from soaring inflation. Fueled by soaring food and energy prices, Turkey’s annual inflation rate rose at a lower-than-expected pace last month but still jumped to a 24-year high of 73.5%. However, Turkey’s public finances are strong … Read more

Climate action can save Turkey nearly $150B by 2040: World Bank report

Turkey stands to reap $146 billion (TL 2.52 trillion) in savings over the next 20 years if it takes effective and appropriate actions to boost resilience and adaptation against the impact of climate change and to mitigate economy-wide emissions of carbon dioxide and other greenhouse gases , a pioneering World Bank report said Monday. The … Read more

Istanbul Finance Center set to open its doors soon as economic hub

Work on one of Turkey’s landmark projects, the Istanbul Finance Center (IFC), has been going full steam ahead, with rental agreements at the groundbreaking facility set to be signed soon. By positioning Istanbul as an international finance hub (IFC), Turkey aims to increase the country’s financial competitiveness in the international arena, plus spur the development … Read more

Turkish liberal economy, sustainable growth: Finance Minister

Finance Minister Nureddin Nebati said on Saturday that the Turkish economy is liberal and will continue to grow in a sustainable way after the government introduced steps to support it. Speaking to businesses in the southeastern city of Gaziantep, Nebati also said the fight against rising inflation, which hit a 24-year-high of 73.5% last month, … Read more

Inflation top priority as Turkey unveils new steps to shore up economy

Turkey on Thursday and Friday announced several new measures to support the economy, with authorities saying reining in inflation remained the top priority, in addition to encouraging savings and bolstering the Turkish lira. The Treasury and Finance Ministry said it will issue domestic bonds indexed to the revenues of state enterprises to encourage lira asset … Read more

Turkey unveils new revenue-indexed bonds, sets consumer loan limits

Turkey on Thursday and Friday announced several new economic measures that authorities said were aimed at reining in inflation, encouraging savings and bolstering the Turkish lira. The Treasury and Finance Ministry said it will issue state enterprise income-indexed domestic bonds to encourage households to make savings in lira assets, while the banking watchdog announced maturity … Read more