The mayor of Seoul also extended a cordial invitation to the RTA to participate in the upcoming Seoul Smart Life Week
uae3 hours ago
Times are hard in Turkey. The lira has fallen by over 40 per cent this year, inflation is hovering in double digits and general confidence is at a low. On top of that, the country is at loggerheads with the US over a range of issues right from the arrest of US pastor Andrew Brunson over the charges of terrorism and espionage; Turkey's involvement in Syria; purchase of Russian missiles; and Turkey's restriction on American use of the Incirlik Air Base. Yet, it is not the US to blame for the economic mess that Turkey is in, but Turkish President Recap Tayyip Erdogan's policymaking. For years, Erdogan's government has insisted on low interest rates to fuel growth, which has instead stoked inflation. It now hovers at above 15 per cent, and is pinching household budgets. The country has been borrowing heavily, and its foreign currency debt stands at around 30 per cent of its GDP. Lack of policy vision and reforms haven't helped key sectors to grow.
What's more worrisome is monopolisation of power over the last couple of years. Erdogan has used his power aggressively for his own gains rather than for the country. Sweeping changes have been made to the constitution since the attempted coup in 2016, and ever since he has managed to win the elections again, he has been appointing his family and friends to all important positions in the cabinet. At a time when the economy is in dire straits, he has appointed Berat Albayrak, Ergodan's son-in-law, as the new head of Treasury and Finance ministry. Merit does not matter, as Erdogan is reshaping Turkey with his strongman politics. There was a time when the US was a supporter of Turkey. Washington was among the few allies that staunchly supported Istanbul's bid for accession to the European Union. In 1970s, to prove its point, the US administration had even clubbed Turkey with the European category for its administrative work. Much has changed in the last few decades. But again, for once it is not the US president to blame for this economic and social mess. The world is not waging an 'economic war' against Turkey, but Erdogan himself who is pushing the country into chaos with his populist policies.
The mayor of Seoul also extended a cordial invitation to the RTA to participate in the upcoming Seoul Smart Life Week
uae3 hours ago
The units are equipped to transform residences into golfing sanctuaries while eradicating the limitations of weather, seasonality and tee times
sports3 hours ago
When the Paris opening ceremony begins on July 26, it will be the first time the city has played host for a century after previous editions in 1924 and 1900
sports3 hours ago
This decision to invite players outside of the top 100 has precedents which is an interesting initiative to watch
sports4 hours ago
Saudi Arabia's Abdullah Al-Qahtani meets Morocco's Taha Bendaoud in the main event
sports4 hours ago
The airport will have a passenger capacity of 260 million per annum and fully absorb Dubai airport operations
business4 hours ago
The investment has become attractive as the rupee has weakened against the US dollar
business4 hours ago
The NBA Abu Dhabi Games will feature 17-time champions Boston Celtics and defending champions Denver Nuggets in October
sports4 hours ago