the the and that's it from me and the news team for now. no report shows frank for leading a list of cities in danger off the real estate crash. my colleague, kate ferguson asked us to go into the room on business off to a short break. i've got office in village on the, on the team, the criminal franklin a told me about

sugars and paralyzed between your societies. computers that are governments that go crazy for your data. we explain how these technologies work. so that's how they can also watch it. now, the photos here in turkey will head to the polls on may 14th and what is widely seen as the countries most consequential presidential and parliamentary elections in recent history hello from it's simple and welcome to this special edition of the w business. my name is the hun,

i'm dw as turkey correspondence was celebrated as the leader who lifted the millions of tasks into the middle class president, reggie of taiyah of ad one is now facing the most serious challenge of his 2 decades in power. opinion polls suggest his main rival for the presidency as a narrow lead in a tight race. warring vote has more than any other issue is the economy and inflation driven cost of living crisis has eroded ad one's support. in recent years, the country grappled with inflation as high as 85 percent within the last year. that would decline to 44 percent in april. according to official data. independent economists though say the real rate could be twice as high. the inflation search was fed by a libra slide, as the central bank slashed interest rates in an an orthodox policy championed by ad one. we took to the streets to aspects how important economic concerns are in

this election. and also people, especially young, wants like me, like beginning of this. uh, they are just waiting of the, you know, for a board thing. they are just waiting 14 on may because everyone just gets bored about the system to get into, to the people with lower income or in especially great distress kentucky because of high inflations on that was that was that many people are struggling to get by months by months and some of the items are struggling to pay the rent. the most important issue in the selection right now is the economy to an internet in the station economy. economy, it will actually economy is a very important issue for all country right now. it is also very important for young people, especially for our students and i, for example, we are about to graduate and we cannot dream about the future has to be wrong because because we are dependent on everything they were due on the project with

a hash. it the voice of voters in east tumbles and the turkish economy was already an urgent need of repair. and president ad one is now confronting a power little crisis. as he seeks to extend his rule into a 3rd decade. he faces a staggering reconstruction bill from a series of devastating quakes that struck the country south east from early february on. 11 provinces have been effected by the disaster. we went to audio month. one of the cities was changed by the quakes and a political stronghold off the president. whit entire businesses literally collapsed. awesome it saelens factory lies in ruins. the text on worship he managed in the audio. mom had only opened one of the hall views ago. it was destroyed within minutes in february's us quakes. bbt my didn't cut sooner than that. this happened due to serious,

negligent house the up. i'm feeling like the building inspectors didn't check the construction company and pretty much in the ministry office shows didn't keep tabs on the building inspector last year. there's been a whole chain of negligence on the systematic, the, from the ministry to the contract to it, and type in a lot of my hips and evaluate 0, many like awesome it still in here in the quade region, hundreds of thousands of buildings were destroyed with damaged entire businesses have literally collapsed. millions of people slapped the quakes own the un estimates the economic cost will exceed 90000000000 euros. president rate of ton of ad one has clinched help his promise shortly before the election. a reconstruction programs of historic proportions. it alone is due to god's winnings, as we will complete to hear the words caused by the disaster in 11 provinces, by b,

as in a total of 650000 new houses, 319000 of which will be delivered in one year. the economist and rough enough to is skeptical about these announcements in the last 2 decades. to add one has launched multiple states subsidize construction projects to boost the economy. but the country can no longer afford this because the one number because it's impossible to get the region back on its feet in such a short time, it would have time to do. i think everyone knows that himself took in new york. correct damage is as big as 10 percent of our g d p. and you can't just show that easy for me for, for the get it through turkey needs for an investment for us. let me try. otherwise it won't work fine on, on just explaining your position on getting this, getting dropped, stuff didn't. can you add one's main challenge or in the presidential election came out college to remove represents a 6 party opposition alliance. he has promised to reverse ad ones and also talks

economic policies restore the independence of institutions and bring back upon them entry democracy in quake it uh, the amount of mid salem is trying to save his business. he has rented a whole next to his collapsed factory. here he can keep at least a few of his employees working some of his fellow entrepreneurs have already given up, but um, it's telling him wants to try to stay in business. he hopes that the reconstruction in his hometown will progress quickly, that people will return to audio month that there will be work here again. he's an economist, covering tacky at our b. c, blue bay. and i started by asking him for his assessment of the current state of the tucker, she economy well on the edge on it's been a decade of stopped go, economic cycles, high growth, but to the overheating which has meant high installation, lots,

trade deficits and current account deficit switch much pressure on the exchange rate, the valuation, and then feed through to inflation. veteran also talks policies by ad one doesn't like high interest rates, a very high, very negative bill interest rates. that hasn't been a defense for the, for the currency. so very challenging, actually, i mean the economy is kind of, it's amazing that took, he's actually avoided this, his stomach crisis, i think despite these kind of perennial kind of balance of payments and come and see kind of crises. but actually the banking set has been pretty. resilience hasn't been itself in debt crisis yet. but i guess post election people question, you know, what's gonna happen is not, is it going to be sustainable. however, one if he wins is going to manage that. but the challenging balance of payments kind of issues without the, without doing the right kind of thing in terms of raising interest rates as so how significant is this election?

would you say in particular, for the future of the country? are we looking at 2 completely different economic visions for turkey, as well as choose the impulse and elections from the political and economic perspective of politics? you know, it's autocracy. i guess, a different model of, of political developments more essential asian model. this is, you know, west and liberal market democracy. if the opposition, when i think we'll see the west reach back out to to, if you try back, bring it back into the fold of nato and the you to be a love fest i guess, between the west kentucky again and from an economics perspective, the opposition have is a orthodox economics to a very well known and respected alibaba. john form a k p ministry of finance form a deputy prime minister under the a k p. but he did a lot of the difficult adjustment 20 years ago. uh, as a finance minister uh also you know, again, other people in the team to market those some respects they suggested they'll go

back to also doxey. so basically they'll do, they'll raise interest rates. so the fights, inflation, they'll have a more flexible exchange rate regime. they'll clear out the central bank can introduce uh, go back to some independence in terms of money to policy in terms of the team at the central bank. you go from the probably and i think the market will like that. so likely they'll see a lot of capital inflows that will help stabilize the currency. and eventually, you know, of, hopefully inflation will moderate. they'll be able to cut rates ultimately not so that you can pet types of relatively positive bitch of the if i do want to means, as i mentioned, the question just is, is how sustainable is the balance of payments when the guy, that's all the, you know, tells the central bank that it count, use the one the most, the pulse of tool for central bank cars, which is the ability to use interest rates to demand money as the economy. if they're not able to use interest rate. see the, the comes yes to with just the students use capital controls or they have to get

some external. so new financing from abroad doesn't want to go to the mess. so, you know, it's, it's whether or not in the gulf states or rush or up, or whether it's right big checks to defend the current saying, and you know, to stay in the macro without the balance payments crisis. a very decisive election indeed. and one of the tightest ones, according to polls, timothy ash, thank you so much for joining us. thank you for your insight. the cost of living prices in turkey has a huge people in all kinds of ways. but for those who are already struggling, it's the growing price of food, the tops, the list of concerns. my colleague, dorian jones, has this report right here from assemble it too early, saw the use of colleges to bring his parties to disassemble market for farming. companies like colleges across the agricultural, it's a struggle for survival. i mean, for you nation. in october,

it reached 85 percent associates as opposed to stay for the economy to be decisive . for many voters, johnson are moving to the last day of decent price. that's my main reason, have to do that. when i rented a truck to it was 150 to 200 lead up for a kind of the middle. now they charge $1000.00 for the same piece of land for them on this topic. just says tough them as all buying less used to sell out by 1 pm. now we've lucky to finish by 5. for some of these stumble high prices, a molding justin inconvenience. very ex essential threat. these temple charity, the poverty helps losing create is need. the group bone storing brands have both millions ashanti dwellings and even the spec to of malnutrition, now hangs over the city. now, it's very hard to find a lot of the foods. uh, for instance, we see that the, remember again asking for food for bigger chips. it's increased so much and baby

formula they're asking for that, the space food. and because now they can not buy a baby formula, even the mo, the cheapest ones. so they are trying to feed their chips with more 3rd of its sugar. said all those to me i'm the rest of the deep poverty team takes the hot breaking choice of deciding who receives $8.20 tax. the poverty will be a tough chatting for whoever wins the election. as the cost of living crisis continues to bike to and that's all we have time for now on this special edition of the w business on the upcoming elections here in turkey. um you. yeah, hon. it is simple. thanks for watching and provide the

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