Page 16 - bne IntelliNews Turkey Outlook 2024
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5.0 Real Economy
5.1 Retail
In Turkey, child hunger is a particular worry that is building up to be a
huge problem in upcoming decades.
The country has a population of almost 100mn when migrants are included. Around 20-30% of the population are wealthy. That means that the population of wealthy Turks is bigger than the populations of many countries in Europe. The remainder of Turkey’s people are immersed in serious economic difficulties. But the number of wealthy individuals and families means that Turkey remains an attractive market.
Turkey’s hunger threshold, representing the required minimum monthly food expenditure for a four-person family, stood at TRY14,432 ($485), up 77% y/y, in December, according to the monthly survey conducted by the yellow labour union Turk-Is.
The poverty threshold for a four-person household, meanwhile, stood at TRY47,009 per month. The minimum cost of living for a single person was TRY18,796.
Effective as of January, the minimum wage will be hiked by 49% to TRY17,002.
Around half of Turkey’s labour force earns the minimum wage.
16 Turkey Outlook 2024 www.intellinews.com
