4.4 • 796 Ratings
🗓️ 3 February 2022
⏱️ 17 minutes
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Drawn by the favourable exchange rate, tourists are flocking to Turkey, but can they compensate for the country's wider economic woes? In 2020, Turkey was hit hard by the pandemic lockdown, soaring inflation, a weakening currency and a current account deficit. Last year, the number of visitors jumped 85.5%. Victoria Craig talks to tourists in Istanbul about how they're getting more value for money and visits traders in the Grand Bazaar. Tour guide Sebnem Altin at tour company Grand Circle Travel has mixed feelings about the future and economist Roger Kelly at the European Bank for Reconstruction and Development puts the latest tourism figures in context. Produced by Stephen Ryan and Gulsah Karadag.
(Image: Istanbul's Grand Bazaar, Credit: Victoria Craig)
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0:00.0 | Hello and welcome to Business Daily from the BBC. I'm Victoria Craig. |
0:06.5 | Coming up, inflation is a battle people all over the world are fighting. It's particularly acute in |
0:12.8 | Turkey where making ends meet is forcing many people to make very difficult decisions. |
0:18.4 | I will be making a lot less money than I used to do before COVID. |
0:22.5 | Prices are a lot more expensive, so things are not still looking bright. |
0:26.6 | A mix of soaring inflation and a currency that's lost nearly half its value has created a cost-of-living crisis in the country. |
0:33.9 | While that's put a tight squeeze on household budgets, a weaker currency has |
0:38.4 | actually been helpful for the nation's tourism industry. If you had got a reasonably strong |
0:43.3 | tourism season, this helps to support the linear and helps bring down inflation to a certain |
0:47.9 | degree. It makes the central bank's job a little bit easier. The question is, can a sector that brought |
0:52.5 | in $34 billion before the coronavirus pandemic pummeled it be enough to offset Turkey's wider economic woes? |
1:00.7 | To find out, we'll take you to the tourist hotspots in the country's biggest city right here on Business Daily from the BBC. |
1:16.7 | Yeah. from the BBC. On a sunny weekday in midwinter, the Friday prayer breaks the afternoon silence between |
1:22.0 | Istanbul's historic blue mosque and its highest ofia. |
1:25.9 | The former is a sacred place of worship built in the 17th |
1:29.3 | century. Inside features thousands of handmade ceramic tiles depicting 50 individual tulip designs. |
1:36.3 | It's considered to be the last great mosque of the Ottoman Empire's classical period. |
1:41.3 | The latter was the largest Christian church of the Eastern Roman Empire, |
1:45.3 | built more than a thousand years before the Blue Mosque. It has a dome spanning 105 feet and was |
1:50.9 | converted into a mosque, then it became a museum. Now, it's a mosque again. Both religious and |
1:56.5 | architectural marvels helped draw millions of tourists and worshippers to the city each year. |
2:01.9 | On this early afternoon, the carefully groomed green gardens between the two structures |
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