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Turkey risks $14 billion loss over Strait closure
A recent study reveals that any major disruption to navigation through the Strait of Hormuz could cause losses of up to $14 billion to the Turkish economy, due to its heavy reliance on energy imports. The study indicates that rising oil and gas prices resulting from geopolitical tensions could increase import costs and impact inflation rates and economic activity, with direct effects on various sectors dependent on fossil fuels. The study also emphasizes that increasing investment in renewable energy sources and local electricity production can help mitigate the impact of international crises on the Turkish economy.
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