International Economy - Current Affairs for July, 2016

The first decree signed by Recept Tayyip Erdogan authorises the closure of 1043 private schools, 1229 charities and foundations, 19 trade unions, 35 medical institutions and 15 universities.

• Erdogan has announced the closure of more than 1000 private schools and extended the period in which suspects can be detained without charge in the first decree since declaring the three month state of emergency.
• Erdogan declared the state of emergency late on 20th July and aims to enable authorities to swiftly and effectively identify supporters of the military coup in which 246 people were killed.
• All the institutions suspected of having links to US based Islamic cleric Fethullah Gulen masterminded the abortive coup.

Brexit will have a muted impact on India, according to Chief Economic Adviser Arvind Subramaniam. The economy cannot achieve 8-10 percent growth without an outward oriented strategy.

• He also said economic growth is still above 7 percent despite exports falling for the past 17 months and India is the services sector powerhouse.
• Subramaniam indicated India can achieve 15 percent export growth and can raise service export from 0.2 to 1.5 percent.
• He also said Germany is running the world’s largest current account surplus