Turkey sharply cut its growth forecasts for this year and next in its new medium-term economic programme on Thursday, amid a deep currency crisis that has seen the lira fall by 40 per cent this year.
Data in Finance Minister Berat Albayrak's presentation showed growth was expected to be 3.8 per cent in 2018 and 2.3 per cent in 2019, both revised down from previous forecasts of 5.5 per cent, Reuters said.
Inflation, meanwhile, would balloon to 20.8 per cent at the end of 2018, moderating only slightly to 15.9 per cent in 2019, figures showed, according to Agence France-Presse.
Sources had said Turkey would cut its economic growth estimates, although they said there was debate among top government officials about the extent of the revisions.
That discussion underscored the delicate balance between President Recep Tayyip Erdogan's long-standing emphasis on credit-fuelled economic expansion and investors' calls for greater austerity.
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Will emerging markets recover or will developed ones follow them downhill?
Turkish lira continues slide as lack of credibility bites
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Mr Albayrak, Erdogan's son-in-law, had previously promised "realistic macro targets" and "right action plans", Reuters reported.
The lira traded beyond 6.27 after the programme was announced, from around 6.20 beforehand and a close of 6.25 on Wednesday.
The currency has been hit by concerns over Mr Erdogan's influence over monetary policy. A diplomatic row between Ankara and Washington over the trial of a US evangelical pastor in Turkey has added to pressure on the lira.
The central bank hiked interest rates by 6.25 percentage points last week in a bid to tame double-digit inflation and put a floor under the lira. The currency had made only moderate gains since then.
Investors want to see signs the government is moving away from a decade and a half of growth driven by credit and big infrastructure projects.
Turkey's unemployment rate is expected to rise to 12.1 per cent in 2019 from an expected 11.3 percent in 2018, Mr Albayrak said.
He also said the government expects savings of $9.6 billion in 2019 and that there would be no further restructuring in tax and other government receivables.
Turkey also said it will restructure "current credit debt" as part of its new economic programme.
The Real Estate Bank of Turkey will also be restructured, he said.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Prop idols
Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.
Sophie Shams (Dubai Exiles mini, England sevens international)
An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.
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Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)
Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.
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Erin King (Dubai Hurricanes mini, Ireland sevens international)
Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
