Rising energy prices deepen economic strain in Turkiye: Turkish economists

Istanbul: Turkiye s economy is facing mounting pressure from persistently high global energy prices, as the country relies heavily on imports of oil a...

Istanbul: Turkiye's economy is facing mounting pressure from persistently high global energy prices, as the country relies heavily on imports of oil and gas to meet domestic demand.

This dependence has exposed it to global market volatility, driving up production costs, increasing the burden on businesses, especially energy-intensive industries, and pushing higher electricity and gas bills, which in turn are eroding household purchasing power amid ongoing inflation.

Turkish Vice President Cevdet Yilmaz said the effects of the war will persist for a long time, warning that Turkiye must prepare for a new economic environment, as the end of the conflict will not immediately eliminate its consequences.

Deputy Head of the International Economic Forum in Turkiye Gazi Misirli told Qatar News Agency (QNA) that the country imports nearly 90 percent of its oil and gas needs, leaving it highly vulnerable to global price swings.

He noted that the energy bill has reached between $70 billion and $100 billion in some years, significantly contributing to inflation and rising living costs, particularly in electricity, gas, transport, and food prices.