Page 8 - TURKRptJun22

Otherwise, a redistribution of wealth and economic surpluses is required. However, this is a non-option. It has never happened throughout history without force.
November 4: Midterm elections in the US. Biden is expected to lose his majority in Congress (It is questionable whether he has ever had one but Democrat seats in theory make a majority as things stand).
Coronavirus (COVID-19), not Joe Biden, won against Donald Trump in 2020. Without an external impulse such as COVID-19, the US is getting ready for a more powerful populist president (not Trump but someone else) in 2024.
● Virus: Under normal conditions, the winter of 2021-2022 should be the last winter of the pandemic. However, don’t bet the farm on it. Take into account that by the end of 2022, we could be watching the development of yet another deadly variant.
China lifted lockdowns that hit global supply chains.
● The Biden administration and other Western governments have been openly supporting the Erdogan regime. Such are Erdogan’s growing difficulties, though, that the West’s tentative support may not be enough.
● Erdogan’s monetary policy remains totally out of control.
On June 3, official CPI inflation for May was released at 73.5% y/y, the
highest figure recorded since the 76.6% posted in October 1998.
At 74%, Turkey stays in sixth place in the global inflation league. Turkey’s rival Zimbabwe has pulled into the distance by releasing 132% for May.
Turkey’s official producer price (PPI) inflation, meanwhile, entered three-digit territory for the first time since March 1995, when it posted 144.3% y/y.
May: 132%.
The ENAG research group inflation figure came in at 161% y/y for May.
8 TURKEY Country Report June 2022 www.intellinews.com