Financial crises

Excessive domestic demand that has caused higher inflation will disappear around the second and third quarter of this year, Finance Minister Mehmet Şimşek has said.

The Central Bank is taking additional tightening measures, the minister said in an interview with private broadcaster CNN Türk. "We are fully supporting this."

The illegal economy recorded a significant decline in Greece from 2013 to 2021, excluding the year of the pandemic in 2020, according to a report by researchers at the International Monetary Fund.

The International Monetary Fund (IMF) has lifted its economic growth forecast for the Turkish economy for 2024 from a previous 3 percent to 3.1 percent.

In its updated World Economic Outlook report released on Jan. 20, the IMF kept its 2025 forecast for Türkiye unchanged at 3 percent.

The new 10-year bond issued on Tuesday by the Greek state made history, as it achieved three parallel records.

Greece attracted record demand on Tuesday for its first new bond since regaining investment grade.

It raised 4 billion euros from the 10-year bond with investor orders exceeding 35 billion euros.

The United Nations has issued a somber global economic forecast for 2024, pointing to challenges from escalating conflicts, sluggish global trade, persistently high interest rates and increasing climate disasters.

Türkiye's annual consumer price inflation rate quickened from 61.98 percent in November to 64.77 percent in December, the data from the Turkish Statistical Institute (TÜİK) showed on Jan. 3.

This was slightly below the Central Bank's revised forecast of 65 percent for the end of 2023.

Retail prices rose by 74.88 percent in December 2023 from a year ago in Istanbul, accelerating from the annual increase of 73.89 percent in the previous month, the data from the Istanbul Chamber of Commerce (İTO).

The pace of month-on-month increase in retail prices slowed from 3.79 percent in November 2023 to 3.52 percent last month.

In 2023, the BIST100 index remained below the performance of 2022 and inflation, but there is a premium of about 35 percent. The policy based on high-interest rates, which changed with the new economic management after the elections, mobilized alternative markets. Interest rates, foreign exchange and gold protected investors relatively from inflation compared to the stock market.

The Central Bank has said that it will maintain its reserve build-up strategy and ensure continuation of the stable uptrend in international reserves in 2024.