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Prof. Deniz Gökçe Speaks About Economic Crisis
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Deniz Gökçe, faculty member of Economics at Bosphorus University, was invited by Yeni Ufuklar Kulübü to discuss the recent economic crisis in Turkey. He examined the currency rates, government banks, increase in the interest rate, and high inflation. Gökçe made some predictions for the future and suggested a solution for the current problem.
He predicted that the growth rate will be -4% (i.e., the production rate of the goods in Turkey will drop by 4%). With foreign credit support, Gökçe predicted, the inflation rate would be 50%; without that support, it would be 70%. He also predicted that the currency rate would increase by 30%. The tables that Gökçe presented indicated that there should be no shortage of currency for the moment, which initiated discussion among the audience. Gökçe admitted that he had been quite optimistic about the economy until the last economic crisis, but now he feels pessimistic.
Gökçe mentioned that organizations in foreign countries have been observing the current crisis very closely. He said that he learned of the recent crisis from one of his friends in London before it was even announced in Turkey.
Gökçe suggested that everyone living in Turkey should work hard to improve the economy.
Caner Arslan (ECON/III)
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