Turkiye recorded a current account deficit (CAD) of $9.6 billion in March this year, according to the country’s central bank (CBRT). Treasury and Finance Minister Mehmet Simsek said the CAD is expected to widen this year due to high energy and non-energy commodity prices.

Current account excluding gold and energy indicated net deficit of $3.9 billion, while goods saw a deficit of $9.5 billion.

Turkiye recorded a current account deficit (CAD) of $9.6 billion in March, the country’s central bank said.
Treasury and Finance Minister Mehmet Simsek said the CAD is expected to widen this year, due to high energy and non-energy commodity prices.
Simsek said the deterioration is likely to remain temporary and manageable, thanks to stronger macroeconomic fundamentals and policy gains.

According to annualised data, current account deficit recorded as $39.7 billion (2.6 per cent of gross domestic product) in March, while the goods deficit recorded as $77.8 billion.

Simsek said the deterioration is likely to remain temporary and manageable thanks to stronger macroeconomic fundamentals and policy gains, domestic media outlets reported.

Turkiye is heavily reliant on imported energy, whose prices spiralled due to the Middle East conflict.

Simsek said elevated global commodity prices would put pressure on the external balance, but emphasised that the government’s economic programme had improved resilience against such shocks.

He said foreign direct investment (FDI) inflows totalled $1 billion in March, bringing annualised foreign direct investment to $12.6 billion.

The new investment incentive package under discussion in parliament now is expected to strengthen the country’s financing structure and support long-term capital inflows, he added.

Fibre2Fashion News Desk (DS)

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High inflation is cutting deep into consumer spending in Bangladesh, with weak demand turning one of the biggest concerns for businesses, according to an economic index released recently by the Dhaka Chamber of Commerce and Industry (DCCI).

Higher rents, utility bills and fuel prices are eating away at already thin profit margins, it found.

High inflation is cutting deep into Bangladesh consumer spending, with weak demand turning one of the biggest concerns for businesses, DCCI said.
Higher rents, utility bills and fuel prices are eating away at already thin profit margins.
DCCI’s economic position index revealed that consumers have sharply reduced spending as the cost of living continues to rise.
SMEs are feeling the pressure the most.

The chamber’s economic position index (EPI) revealed that consumers have sharply reduced spending as the cost of living continues to rise, putting pressure on retailers, transport operators and other service providers.

Small and medium enterprises (SMEs) are feeling the pressure the most as they struggle to manage higher operating costs without losing customers.

Businesses also cited difficulties in obtaining bank loans, while delays in licensing and other regulatory procedures are adding to costs.

The DCCI report identified a shortage of skilled workers, particularly in technical and customer service roles, as another challenge for the sector.

The country’s inflation rose to 9.04 per cent in April from 8.71 per cent in March, according to official statistics.

Fibre2Fashion News Desk (DS)