What went wrong for Turkey? Its economy is 'in the midst of a perfect storm'
Turkey has in recent years been one of the fastest-growing economies in the world, but its impressive growth numbers were fueled by foreign-currency debt.
The country's borrowing resulted in deficits in both its fiscal and current accounts, and Turkey doesn't have large enough reserves to rescue the economy when things go wrong, experts say.
Making the situation worse for Turkey is President Recep Tayyip Erdogan's preference to keep interest rates low even though inflation is more than three times the central bank's target.
Yen Nee Lee
The free fall in the Turkish lira has stoked fears of an economic fallout that could spill over into other emerging markets
More:Turkey crisis: Economy faces weak lira, inflation, debt and tariffs