Does record growth warrant celebration when coupled w record inflation? - columnist
The Turkish Statistics Institution (TÜİK) announced on Thursday that Turkey’s economy expanded an annual 7.3 percent in the fourth quarter in a sign that stimulus by the government is continuing to have a positive impact on growth.
The expansion brought annual growth in 2017 to 7.4 percent. While this figure is quite impressive, there remain other factors that cannot be overlooked.
Columnists with Hürriyet Daily, Uğur Gürses, notes that while Turkey may have become the G20 champion in growth, there is also an inflation factor that needs to be taken into consideration
While it appears difficult for Turkey to repeat 7 percent growth in 2018, it will most likely still be clinching the metal for highest inflation and account deficit for this year, according to the columnist.
Turkey may have reached 7.4 percent growth for 2017, what really needs to be placed under a looking glass is how much growth took place after the two year growth of 2016 and 2017.
Gürses also gives some historic perspective into the oft-repeated 'success story' of the Turkish government, recalling that per capita income in 2008 was 10,931 dollars, and in 2017 stood at 10,597 dollars.
Gürses finishes his very important column with this thought: ''The last thing you should be happy about with a car that has failed breaks, is its speed.''