March 25, 2023


Complete Canadian News World

The Turks penetrated. More than 100 percent inflation in the G20 countries

Last year, almost the whole world faced the problem of accelerating inflation, but the situation on the Bosphorus Strait attracted the attention of observers, where the dynamics of price growth went from 20% to 20%. Jog to 85 percent. enemy. Turkey has captured the inflation leader among the major G20 economies. The fact that residents of many smaller countries, such as Zimbabwe, Venezuela or Syria, experienced faster price increases was of little consolation. At the end of the year, inflation in Turkey started to slow down and it is now officially 55 per cent, which is no longer the highest score in the G20.

Argentina has become the new No. 1 among the large economies. In February, inflation in Leo Messi’s homeland exceeded 100 percent for the first time since 1991. – reported the local statistics office.

Compared to January, prices increased by up to 6.6%. Statisticians pay attention to food, the price of which has increased by about 10 percent in one month.

The authorities are trying to slow accelerating inflation by fixing prices. inside Precious Justus (“Fair Prices”) Prices for 1,700 products may rise by a maximum of 3.2 percent. monthly.

Argentina has been suffering for years from a permanent crisis, which was interrupted by moments of recovery. In the 21st century, it has suffered three economic disasters (with a drop in GDP of more than 10%) and several minor recessions. Successive governments have tried to solve the problems through fiscal and monetary expansion. In addition, Argentina has regularly run large current account deficits over the past decade, making the economy more vulnerable to speculative capital inflows. The country has already gone bankrupt 9 times, most recently in 2019. It is currently supported by the International Monetary Fund, with over $40 billion.

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The Argentine peso is losing value faster than the Turkish lira – it has depreciated 90% against the dollar in the past five years. (Turkish currency is “only” 80 percent.) In such circumstances, it is not surprising that (And responsible) There are more exchange rates, and tourists who travel to Argentina immediately report twice the market rate – you can get not 200 pesos, but more than 350 pesos for one dollar.

In addition, Argentines have recently been experiencing the hottest summer on record. Due to the extreme heat, large areas of the country remain without electricity due to overloading of the grid by refrigeration and air conditioning equipment, PAP reports. The extreme temperatures are compounded by the effects of a three-year drought, which has caused a collapse in agricultural exports, an important driver of the economy and a major source of government revenue, and an increase in food prices in the domestic market.