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Turkish Officials Seen Stoking Crisis as Lira Hits Record Low
Keywords:
The effect of lower oil prices on Turkey's economy- lowering the current account deficit to 5% in 2015 from 7.9% in 2013
01/18/2015
With 6% of GDP going to oil imports the lower oil prices in 2015 helps to lower the current account deficit. The lower oil price and more capital inflows boosts growth as Turkey is dependent on capital inflows. Higher interest rates hurt growth during the emerging markets crisis in early 2014 and a drop in the value of the lira.
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Winners and losers in emerging markets in 2015 with lower oil prices- Turkey and India are winners, China a beneficiary, Russia, Venezuela and Brazil are losers
01/18/2015
The economic prospects of emerging market countries have changed significantly since 2013. In Turkey political problems and a high current account deficit led to a slump in the lira and high interest rate policies by early 2014. In India the Congress party government let the economy drift in 2013 with no action taken. The newly elected Modi adminstration in 2014 and now lower oil prices are giving a major boost to economic growth in India. China with huge oil imports is also a beneficiary as it tackles problems from the boom years and growth slows to below 7%.
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Turkish Officials Seen Stoking Crisis as Lira Hits Record Low
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‘Fragile Five’ Is the Latest Club of Emerging Nations in Turmoil
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Brazil Tries to Borrow Its Way to Prosperity
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