2024 was an eventful year for economic and socio-economic developments, both in Turkey and globally. One of the major highlights was Turkey’s Central Bank shocking the nation with a policy interest rate hike to 50% in March, creating waves across financial markets (bbc.com). Alongside this, Turkey witnessed an inflation resurgence, with November’s annual inflation soaring to 47.09%, reigniting concerns over the cost of living (yeniyasamgazetesi8.com). Meanwhile, global energy markets experienced wild fluctuations due to geopolitical tensions, which had significant ripple effects on economies worldwide (ekonomi.isbank.com.tr).
In Turkey, the labor market faced severe challenges, with the broad unemployment rate climbing to 27.6% by October, leaving approximately 11 million people jobless. Additionally, workplace safety remained a critical issue, as Turkey ranked 10th globally in fatal workplace accidents. On a brighter note, despite these challenges, the Turkish economy managed to achieve 2.4% growth in the second quarter, marking 16 consecutive quarters of expansion (aa.com.tr).
Globally, the COP29 Climate Summit in November became a hot topic as it failed to deliver substantial financial support for developing countries, raising questions about the commitment to climate action. Discussions about minimum wage hikes also created waves, particularly in Turkey, where a 49% increase in January was followed by no adjustments mid-year, sparking public debates. As 2024 unfolded, these events underscored the delicate balance between economic stability and social welfare, making it a memorable year for observers and participants alike.
