• Wed. Dec 6th, 2023

Turkey’s Economy and Society: The Roots of Low Confidence, According to Recent Survey


Nov 19, 2023

A research conducted by Ipsos, a global marketing and research expert, on economic expectations has been compiled. The study was carried out with 29 countries in the Online Panel system in October 2023.

According to the findings, participants stated that their household income and purchasing power had decreased significantly. The increase in prices was cited as the primary reason for this decline. The biggest problem facing Turkey, according to the research, was the economy.

The consumer confidence index in Turkey increased by 2.5 percent compared to September and reached 34.5 percent, ranking last among 29 countries, according to IPSOS’s findings. The average consumer confidence index of all countries surveyed is 47.2 percent. Inflation ranked Turkey fifth among 29 countries when it came to this topic.

When asked about the most important problems facing Turkey, 87 percent of participants said it was the economy while only 5 percent answered “immigration.” Regarding satisfaction with Turkey’s economy, 76% of participants reported it as “bad,” while only 18% said it was “neither good nor bad” and only 3% said it was “good.” Expectations for Turkey’s economy were also examined; 73% of participants predicted inflation would increase while only 16% expected it to remain unchanged and just 11% predicted a decrease.

Furthermore, other questions included in the survey covered household income and purchasing power where over half (52%) of participants stated that their household income decreased over the past year while nearly one-third (34%) reported no significant change and over three-quarters (76%) of participants said their purchasing power decreased during the last month

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