Economy

The Western propaganda of ‘isolating’ Russia aside, there is little gainsaying that Russia’s global clout has increased manifold in the wake of its military conflict with Ukraine and its NATO allies. For the West, Russia’s exit from Europe (e.g., the European energy market) due to sanctions strangely meant ‘the end’ of the Russian economy, politics, and military strength and ‘the ultimate victory’ of the West. Surely, this was a gross miscalculation, as the West never possibly imagined a fundamental – and such a rapid – Russian economic relocation from the Global North to the Global South…

On the eve of its 100th anniversary, the Republic of Turkey is experiencing a difficult period due to a severe economic crisis and tense relations with the United States. Inflation has broken new records and has already reached 60%, while the Turkish lira has plummeted to 27.2 per US dollar. Strategic stability has yet to be attained, no matter how much Mehmet Şimşek, Minister of Treasury and Finance, strives to follow international economic rules and bind himself…

Economies the world over are struggling with some of the worst bouts of inflation and economic slowdown seen in decades. The COVID-19 pandemic with its lockdowns and the conflict between Ukraine and Russia not long after have been significant shocks to global economic activity, causing severe disruptions in global value chains and sending commodity prices skyrocketing. Governments have been shaken to their core in dealing with inflationary and debt crises. The United States, the largest economy in the world, is not immune to these shocks either. Negative growth in the first half of 2022 caused the Fed to raise interest rates…