Post by Emperor AAdmin on Apr 23, 2022 10:32:09 GMT -5
RUSSIA - TURKEY Faces COLLAPSE as Current Account Deficit Rises to $22 BILLION & INFLATION Hits 61%
Joe Blogs 56.1K subscribers
In this video I continue to look at the continuing implications of the Russia's Invasion of Ukraine on TURKEY. Rising OIL and GAS Prices as a result of the War are putting immense stress onto the Turkish Economy. INFLATION has now risen to 61%, the highest level for over 20 YEARS , ENERGY COSTS have increased 156%, the CURRENT ACCOUNT DEFICIT is now over $22 BILLION and the TRADE DEFICIT now stands at $8.24 BILLION. Based on the current rate of spending on Energy the Foreign Currency Reserves will not last much longer and Turkey will NEED A BAILOUT.
TURKEY is under extreme pressure due to HIGH INFLATION and the Fall in Value of the LIRA. Turkey is dependent upon Foreign Energy and Buys 45% of NATURAL GAS, 17% of OIL and 40% of GASOLINE from RUSSIA. Turkey is also dependent upon the IMPORT of GRAIN and RAW MATERIALS for its Industry. The immediate impact of the WAR has been to increase the price of OIL, GAS, FOOD and RAW MATERIALS. With INFLATION already at 61% these price increases will add further strain and may cause the Economy to COLLAPSE.
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