Turkish currency, Lira has nosedived over 50 per cent in last 12 months amid US sanctions and rising inflations. In fact, Lira plunged one-fifth against the dollar last week. So, is the downfall of the Turkish currency, which is sending shock waves in the global markets, sudden? Looking at the numbers, the downfall is not sudden. Lira was the worst performing currency across the world in the past 12 years. What is the reason behind this downfall of the Turkish currency and is that going to affect you?? Let's find out. Why is Lira plummeting? The Turkish economy is going through a very bad phase since a long time. The country is facing huge Current Account Deficit (CAD) in public as well as private sectors. Foreign funding has a huge role to lay in the country's financial system. High level of debt has resulted in Inflation reaching an annual rate of 15.9 per cent in July as the government has taken huge loans in the foreign currency. The default of loans in the construction sector is … [Read more...] about What is Turkish economic crisis?
By The Canadian Press Fri., Aug. 10, 2018 Canada’s main stock index was down in late morning trading as most sectors slipped and concerns over Turkey’s economic crisis rattles global markets. The Toronto Stock Exchange’s S&P/TSX composite index was down 102.64 points at 16,314.34 after roughly 90 minutes of trading. Most sectors including materials, energy and health care were down, but gold was up slightly. In New York, the Dow Jones industrial average was down 180.59 points at 25,328.64. The S&P 500 index was down 14.71 points at 2,838.87 and the Nasdaq composite index was down 36.052 points at 7,855.73. The Canadian dollar was at 76.39 cents, up from Thursday’s average of 76.69 cents U.S. The September crude contract was up 94 cents at $67.75 (U.S.) per barrel and the September natural gas contract was down two cents at $2.93 per mmBTU. Article Continued Below The December gold contract was up $3.80 at $1,223.70 an ounce and the … [Read more...] about TSX, global markets down amid Turkey economic crisis
South AsiaPakistan Pakistan desperately needs to borrow to stave off a major economic crisis. But the IMF says it is in no position to service existing debts By Kunwar Khuldune Shahid July 15, 2018 2:52 PM (UTC+8) Share Tweet Linkedin Print Email Share 0 Comment 0 The Pakistan government to be formed after July 25 elections will inherit a record high-trade deficit of $37.7 billion, a plunging stock market that hit this year’s lowest at 39,288 points on Monday and a currency that has been devalued by over 15% in the past seven months. The outgoing Pakistan Muslim League-Nawaz (PML-N) government has been criticized for its economic policies, which have left the country with a balance of payments crisis, and a record debt, with the rupee being devalued three times since December 2017. The dailyReport Must-reads from across Asia - directly to your inbox A recent International Monetary Fund (IMF) report on Pakistan says “risks to Pakistan’s medium-term … [Read more...] about Pakistan’s economic crisis deepens in an election year
World Tunisia needs a national dialogue to end a deadlock over economic reforms in the same way it solved a political crisis in 2013 that almost tore apart the birthplace of the Arab spring, the head of the co-ruling Islamist party said. 26 Apr 2018 08:16PM Bookmark TUNIS: Tunisia needs a national dialogue to end a deadlock over economic reforms in the same way it solved a political crisis in 2013 that almost tore apart the birthplace of the Arab spring, the head of the co-ruling Islamist party said.Since an uprising that ousted autocrat Zine El-Abidine Ben Ali in 2011, Tunisia has a new constitution, free elections and a coalition government with secular and Islamist parties in a region otherwise struggling with upheaval.But the North African country has been grappling with an economic crisis and youth unemployment of about 30 percent as turmoil has deterred investors, surviving at the mercy of foreign donors.Rached Ghannouchi, head of the Ennahda party in power with … [Read more...] about Tunisia needs dialogue to solve economic crisis
CARACAS: Teachers unable to pay the bus fare to get to class, students stuck in long supermarket lines in the quest for affordable food: Venezuela's academics say the deep economic crisis is paralyzing the country's universities. Venezuela's universities have long ranked as among Latin America's best. But the acute economic and political crisis has forced students to drop out in droves, and teachers are following them out of the country. Last month, the University of Zulia (LUZ) in the northwestern city of Maracaibo cut courses to three days a week to try to ease the problems that students, professors and employees are facing just to turn up each day. "We are working every day, but we are organizing ourselves so that every teacher, student or employee comes about three times a week," said Judith Aular, the LUZ's rector. Lectures and study material are given out over the internet the rest of the time. It's an attempt to curb Venezuela's growing brain-drain, as teachers and students seek … [Read more...] about Economic crisis forces slowdown at Venezuela universities