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 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". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |