Economy

The BRICS group of emerging nations called on the Group of 20 (G-20) top developed and developing nations on Nov. 15 to strengthen their macroeconomic policy cooperation to prevent bad effects from a weak global economy and reduce risks to growth.

Turkish unemployment rose to double digits in August after months of slow economic activity and unregistered Syrian migrants entering the workforce in Turkey. 

Turkey's short-term external debt stock dropped to $121.1 billion at the end of September, marking a decrease of 8.8 percent compared to the end of 2014, the Central Bank stated in a note on Nov. 16.  

China and Turkey will renew a currency swap deal and expand its scale, according to a statement released by the Chinese central bank on Nov. 16, as reported by Reuters. 

The scale of the three-year agreement will expand to 12 billion yuan ($1.88 billion), based on the mutual consent, the People's Bank of China (PBOC) said in a statement.

With less than two months before the end of the year, Turkey's Automotive Industrialists Association (OSD) has revised up its 2015 production and export targets.

By the end of this year, Macedonia will borrow another ?700 million, ignoring European Commission advice contained in the recent annual progress report to stop adding to the already sizeable debt.

Days before the Commission said it was worried by Macedonia's growing debt, the government said it would issue more eurobonds worth ?500 million to support the budgets this and next year.

Eurozone member Greek Cyprus is well out of recession, having notched up a third consecutive quarter of growth, and is looking for GDP to expand at least 1.5 percent this year, officials have said.

One of Turkey's leading businesspeople has recommended interventions in capitalism to "sort out inequality" amid comments from President Recep Tayyip Erdo?an that employers should share their excess income with lower-paid employees.

Negotiations between the Greek government and the four creditors from the European Commission, European Central Bank, European Stability Mechanism and International Monetary Fund appear to moving towards a deadlock as far as decisions for non-performing loans are concerned.

Finland has emerged as the eurozone’s worst performing economy after contracting 0.6% in the third quarter. The union has been stagnant for the last three years. It’s economic problems are mainly due to a collapse in trade with Russia, highly uncompetitive labor costs and the decline of its successful Nokia.