port them from the country present, or the one said he also wanted refugees to go, but voluntarily as the turkish republic enters its 2nd century. it faces a lot of open questions. for now, they will be answered by the man who is ruled at longest se with his now for business with kate ferguson, including a look at the economic terminal in turkey, which raises high inflation and a we can encourage. thank you so much for watching. the every jenny is surprises. me is gone all out to give you some of the right people in your northern most count the police

the free time. but still very much alive. your guy to the special recognize where exactly it was fun. learned a lot of our culture history, all their travel extremely worth a visit. the a strong mind and a weak economy rest of type are the ones election victory sense turkey is deliver it to a new record. hello. we ask what impact another 5 years of ad one will have on an economy, a ready, crippled by installation of the company. of $810.00 to the deal is done. we'll look

at the compromises. democrats and republicans has made just tables, a potential us debt business need of the business. i'm kate ferguson. thanks for joining me. turkey is in working on another 5 years with the rest of type. i had one of the helm is victory against bible come on coach car lou comes in mid a deep economic crisis is the cost of living continues to for analysts are now wondering whether ad $1.00 will abandon his unusual policy of lowering interest rates and a bit to find installation rampant, inflation, dwindling for and reserves a currency crisis. once again, the responsibility of president of age of ty, a bear to one who a secured the presidency and extended his will into a 3rd decade. it's a win that's some voters are unable to wrap their heads around. look sharp. i am surprised by the price is. how can it be that carrots costs $50.00 lee raw meat?

$500.00 li ross agents that's a lot to them. and how is it possible that people see a vote for such a government can give this to the turkish lira slumped to a new record low on monday. the currency of last more than 90 percent of its value over the last decade during his victory speech, or to want to acknowledge that inflation was the most urgent issue facing turkey was quite a. so if anyone can do it, we will it. so yeah, the interest rate has been reduced to $8.00 at the moment. and you will see that inflation will also decrease holdings. but economists doubt that everyone will improve the current situation. the widely held consensus is that his aversion to raising interest rates is a main contributor to soaring inflation. as a result, turkey central bank has spent an estimated $177000000000.00 to prop up the lira since december 2021 alone. deepening deficits,

deterring for an investment that makes an economic recovery extremely difficult to talk more about this on to a nearby do, but it doesn't even force or outcome a key to occur. we sold in the report to start by all objective measurements. turkeys economy is in dire straits in that context. how are we to interpret edwin's when here? well, for starters, you know, be able to do on said that they did not want the position when. so i believe the sentiment is that even to add one is responsible for this cost of living crisis. that means, you know, they, they feel that it's would be him to fix it. so therefore, we have just seen that are doing reading exactly the same amount of floats as he won in 2018 evictions. but are the ones we also needs to business as usual? so it's, it's reasonable to expect more term with more more inflation and maybe the interest

rates. okay. and speaking of that problem of more inflation and lowering interest rates, do you think there's any chance of add? one will reverse this very unusual policy. looks like no, there is no chance because yesterday in his victoria speech, you basically said that just like does i called the lower the interest rate, it would be the same way they, they would lower the inflation. nobody knows what that exactly means, but we shouldn't basically expect anything that's different from, from what was happening in the last winehoff years. and i want to think you mentioned different, there was a tooth designing an economic team with international credibility, but we didn't see, we didn't see anything that, that he says that, you know? yeah, we know it's bad and we're going to fix it. we're going to change the course. no, we haven't heard that, and i think we shouldn't expect that. okay, so you mentioned the international kind of bill. is you there? another problem, turkey, how is that? is foreign currency reserves are dwindling. how serious

a problem is that it's indeed very serious. the foreign exchange reserves us to extensive bank just dropped to 210. it is august of minus 0200000000 dollars. so that's where it's serious. so this, this kind of deficit has to be filled in one way or the other. that means that more taxes more uh, higher, more price hikes and more information in the future. because you have to feel the steps to run the state and the economy at the same time. and we have them know signed someone to sign up for an economy back, tracking appointed subject wrecking, just to just fixing this problem. we also have to keep in mind that turkey has an enormous right deficit that it has to deal with on that occurrence of crisis. and you mentioned earlier to me that there are some analogies with other countries like argentina here. well, water is a comparison between those 2 countries. well, as you know, origin tonight is buckling with

a 106 percent inflation rate. ritz 9 to 7 percent interest rate. so that shows us as optis of to point it. it won't work, no matter how do you back track your policy is no matter how much you raise the interest. because if you chris, if it costs 3 little sticks, you will arrive at the point of no return. and i, i believe, for turkey, this crossover point is there, it hasn't arrived there. so from here on, um, yeah, we will be able to pull up this the morning session more crisis for a foreseeable future feature at an accelerating price. okay. so fundamentally is that where you say it's going to is more economic term while. so all the indications suggest that this is not going to be fixed by conventional and measures are drawn, will not go down that road add on, is obsessed with investment and growth. so he believes it's lowering the interest rates with attract investments, and but the reality says otherwise,

because investors would look at as stability and predictability, which there is in kentucky at the moment. and i don't believe we will, we will, we will see that's in our foreseeable future. okay. k, g, thank you very much for your insight into, you know, moving on to some other news here to some of the short global business storage. germany's inflation race is expected to fall to 6 and a half percent in may of the lowest level in more than a year economist surveyed by voice. here is a tribute the full to lower gas prices on the introduction of a nation wide $49.00 euro, monthly public transport tickets. we care a pm central bank is unlikely, however it to be deterred from raising interest rate. again, china is for us domestically made, passenger aircraft, has completed its inaugural commercial flights from shanghai to beijing. the c 919

was built by state owned company co mac, which is hoping to challenge air pulse and boeing's dominance in the single out jack markets. while coma designed many of the parts western firms supplied key components you as president obama is urging congress to approve a deal to raise the mind to the government can borrow in order to prevent the country defaulting on its dest. over the weekend democrats on for public ins reached a compromise which would see temporary spending cost in all areas except the defense file upholding the clean energy commitments, immunization reduction for us president and the speaker of the house republican kevin mccarthy worked through saturday night to reach an agreement it takes the threat of catastrophic to fall off the table protects our hard earned historic economic recovery. and the agreement also represents a compromise. this means known got everything they want

to the american. hey, that range. a 2 year budget deal is big, part of the compromise spending will be flat for 2024, but defense spending will increase in 2025 and the budget increases will be kept at one percent. it means for 2 years, neither democrats or republicans have to worry about hitting the government's debt ceiling. how much data can can issue that could table the contentious issue for now . lifting the current to us that limit of $31.00 trillion dollars will allow the government to meet its financial obligations. tens of millions of public sector workers will continue to be paid on time along side social security payments and

else care subsidies. experts at warner us government, that default would have cost the us economy millions of jobs. so now support from both democrats and republicans will be needed for congressional approval to avert the projected june 5th government. and i want to take you to ice funds, know a country that generates a 100 percent of its power from renewables to your thermal energy has long been used to he's homes. but in recent times, it's also become a wait for farmers to produce fresh parties all year rent. joe trammel, the energy is iceland. so leading source of energy use to each in nearly every household in the country. it provides around a quarter of iceland, power needs. and from us needed to in this green house an hour away from the cubic homes, you know a guy a store to gross strawberries. that means maintaining the right conditions,

including the perfect temperature, a $16.00 to $17.00 degrees celsius during the day, and 8 degrees celsius at night. this gaze that helps provide energy to a neighborhood. water is pumped up from the depth posters, every 15 minutes close to boiling point. the water flows to the greenhouses via pipes. and this palm controlled often on gross for different types of tomatoes over an area covering 10000 square meters. he is iceland lodges, produce of tomatoes for somebody that has a good project going on with green energy. so i think it's uh, you can be really proud of, of the filter from the market. but we can say it's maybe not the cheapest cheapest frontier, but it's a good quality on, on policy, which is so important. locally grown produce can cost up to twice as much as

imported food and divide. it has an abundance of to you to him and energy i spent has a tricky time. harnessing it for export, but it can play another road, says geologist trying to a need some. well, i still have to bring to the table. it's more. no, let's on our experience on and guidance to other to other nations on how to proceed. and so we can have and i think we would be much more has been that way to really yeah. get to a certain model. uh, get the speeding on globally. nielsen works with customers in europe, east africa let in america and asia, advising them and how to best harness to you to them a resources that rastafari show. thank you so much for watching. so more you can always check i d, w dot com slash business. we're on the date of the news youtube channel as well. from me. i mean tar team here in berlin is bye. take care. the

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