Стагфлацията в Турция като страна кандидатка за членство в Европeйския съюз
Stagflation in Turkey as a Candidate Country for European Union Member

Author(s): Petya Vasileva
Subject(s): Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, International relations/trade, EU-Approach / EU-Accession / EU-Development, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: stagflation; Turkey; European Union; inflation; recession
Summary/Abstract: The slowdown – inflation – stagflation – recession – disinflation diagram remains valid for the world and we are seeing it more and more noticeably for the Republic of Turkey in particular. Currently, the risks and opportunities in the current conjuncture for Turkey need to be well identified and evaluated. The contraction in the countries that are Turkey's main export markets, in particular the Eurozone, the US and the UK, will reduce the growth momentum of Turkish exports, and in this regard, the alternative markets strategy should be better implemented. If a country experiences negative growth for six months, a „recession“ is considered to have occurred. Under normal circumstances, inflation causes growth. If stagnation occurs along with inflation, stagflation is said to exist. We are witnessing the Covid-19 pandemic and the Ukraine-Russia war leading to a recession. It is also a fact that these two factors have also led to inflation at rates not seen in Western countries for forty years. In this case, should we talk about recession or stagflation? The world is not facing a recession, but worse, stagflation. As the Turkish economy struggles with high inflation, it is introduced to new economic concepts: stagflation, contraction inflation, and economic inflation. These concepts express negative effects such as increasing prices, reducing the quality of products and services, reducing weight and size, and slowing economic growth.

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