{"id":15334,"date":"2018-04-15T15:36:30","date_gmt":"2018-04-15T20:36:30","guid":{"rendered":"http:\/\/huewhite.com\/umb\/?p=15334"},"modified":"2018-04-15T15:36:30","modified_gmt":"2018-04-15T20:36:30","slug":"this-is-an-old-story","status":"publish","type":"post","link":"https:\/\/huewhite.com\/umb\/2018\/04\/15\/this-is-an-old-story\/","title":{"rendered":"This Is An Old Story"},"content":{"rendered":"

It looks like President Erdogan of Turkey, who has arranged for his position to accumulate more and more power, is indulging in the old game of propping up the economy in order to avoid the angry mob incident.\u00a0Mustafa Sonmez reports<\/a> in AL Monitor<\/strong><\/em>:<\/p>\n

\n

On March 29, the Turkish Statistical Institute (TUIK) announced that the country\u2019s\u00a0gross domestic product\u00a0grew 7.4%<\/a>\u00a0in 2017, the highest rate in the past four years. The 7.4% rate\u00a0made Turkey\u00a0the\u00a0second fastest-growing economy<\/a>\u00a0in the Organization for Economic Cooperation and Development after\u00a0Ireland\u00a0with 7.8% and ahead of Slovenia with 5%. The GDP, however, shrank in terms of dollars\u00a0to $851 billion from $863 billion in 2016, reflecting the dramatic depreciation of the Turkish lira. Accordingly, GDP per capita went down to $10,597 from $10,883 in 2016.<\/p>\n

There is another side of the coin, which shows that Turkey\u2019s spectacular growth came thanks to government propping that is hard to sustain and at the expense of excessive borrowing and increasing fragilities. The social leg of growth is also troubling, as low-income Turks appear to have benefited little in terms of job opportunities and income increase.<\/p>\n

As Deputy Prime Minister\u00a0Mehmet Simsek<\/a>\u00a0conceded, government guarantees encouraging loan expansion were the main booster of growth, coupled with tax cuts and incentives. The economy\u2019s growth was driven\u00a0largely by domestic consumption, which brought about\u00a0double-digit inflation \u2014\u00a012% in\u00a0consumer prices<\/a>\u00a0at the end of 2017.<\/p><\/blockquote>\n

I wonder how long it’ll take for the edifice to come toppling down – and the disillusionment in the strongman to grow strong enough to chase him out.<\/p>\n

Or force violent confrontations.<\/p>\n","protected":false},"excerpt":{"rendered":"

It looks like President Erdogan of Turkey, who has arranged for his position to accumulate more and more power, is indulging in the old game of propping up the economy in order to avoid the angry mob incident.\u00a0Mustafa Sonmez reports in AL Monitor: On March 29, the Turkish Statistical Institute \u2026 Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-15334","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/15334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/comments?post=15334"}],"version-history":[{"count":1,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/15334\/revisions"}],"predecessor-version":[{"id":15335,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/15334\/revisions\/15335"}],"wp:attachment":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/media?parent=15334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/categories?post=15334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/tags?post=15334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}