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Europe
Turkish living standards rising with economic stability
2006-03-12
It is still too early to start celebrating increases in the living standards of every Turk, but the latest figures clearly show less misery and despair at an aggregate level.

Measures of poverty known as misery indices have declined to the lowest levels in decades, according to a report issued yesterday by investment bank Morgan Stanley. The first misery index was developed by Ronald Reagan Arthur Okun, based on the sum of inflation and unemployment rates, and won acceptance as a simple gauge to evaluate macroeconomic progress. A combination of higher unemployment and inflation rates shows deterioration in economic performance and a corresponding increase in social affliction.

In Turkey's case, inflation dropped from an average of 77.5 percent in the 1990s to single-digits; coupled with a gradual rise in the labor market, the misery index has shown a sustained improvement in the post-crisis period.

An alternative, more comprehensive misery index better assesses the effectiveness of economic policies in improving living standards. The alternative version consists of public-sector borrowing requirement, interest rates and output growth along with inflation and jobless rates, and presents a more striking improvement. Most of this correction is due to fiscal consolidation, disinflation and interest-rate compression, but even the unemployment rate, after increasing from 5.5 percent in 2000 to the post-crisis peak of 12.3 percent, declined to 10.3 percent last year.

The most recent figures show a number of buoyant signs, including robust employment growth in all sectors except agriculture. The total number of people with jobs grew by 1.2 percent year-on-year to 22 million last year, but non-farm employment surged by 12.0 percent, from 65.2 percent of total employment in 2004 to 70.5 percent last year.
Posted by:lotp

#3  In 7th century, Turkey was Byzantium---(probably) highest standard of living in the World

So what? Middle class in 21st century western countries live considerably better than the leaders of seventh century Byzantium.
Posted by: DMFD   2006-03-12 12:21  

#2  In 7th century, Turkey was Byzantium---(probably) highest standard of living in the World
Posted by: gromgoru   2006-03-12 09:48  

#1  Don't worry - the islamonazis will help Turkey get its economy back to the 7th century. Soon. :^(
Posted by: Barbara Skolaut   2006-03-12 00:24  

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