Economy

The spread of the Omicron variant of the coronavirus could lead to a slowdown in the recovery of the world economy, said today the managing director of the International Monetary Fund (IMF) Kristalina Georgieva, quoted by Reuters.

Georgieva speaks at the online forum "Reuters Next"

International credit rating agency Fitch has raised its Turkey growth forecast for 2021 from 9.2 percent to 10.5 percent, while it changed its outlook assessment from stable to negative.

The great pressures that family budgets have begun to receive from the significant price increases in energy products and fuels have begun to be reflected in the receipts of supermarkets.

Although the fast-moving commodity market (FMCGs) recorded a 2% increase in revenue in November, sales fell in November, according to a Nielsen IQ survey.

The country will see the cumulative effects of its current monetary policy in the first half of the next year, Central Bank Governor Şahap Kavcıoğlu said on Dec. 2, adding that the soaring inflation will ease soon.

New Finance Minister Lutfi Elvan (C) speaks to media after a ceremony marking the 82th anniversary of the death of Mustafa Kemal Ataturk at the mausoleum in Ankara, 10 November 2020. Photo: EPA-EFE/STR

Labor and Social Security Minister Vedat Bilgin gestures during a meeting with labor and trade union representatives in Ankara on Dec. 1.

A commission of officials and representatives of labor and trade unions convened to initiate negotiations on the minimum wage for next year.

The Organization for Economic Co-operation and Development (OECD) has revised up its 2021 growth forecast for Turkey by 0.6 percentage points to 9 percent.

"In the absence of further shocks, GDP growth is projected to be 9 percent in 2021 before easing to 3.3 percent in 2022 and 3.9 percent in 2023," the OECD said in its Economic Outlook report released on Dec. 1.

The "Koç University Rahmi M. Koç Medal of Science," which was initiated by Koç University to serve science by rewarding successful and pioneering scientists, was awarded this year to Professor Ali Hortaçsu.

Turkey's Central Bank on Dec. 1 intervened to prop up the value of the Turkish Lira.

We propose to introduce in the next budget an increase in the minimum wage and it will become BGN 710, said today in the Council of Ministers the Minister of Finance Valeri Belchev.

Over 750 thousand people in our country work on the minimum wage. They now receive BGN 650, which, according to Belchev, are extremely insufficient to support a household.