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Wednesday, July 10, 2019

Turkey Is Heading for Economic Collapse, Ashmore Says

Turkey Is Heading for Economic Collapse, Ashmore Says

Selcuk Gokoluk
,Bloomberg•July 10, 2019

(Bloomberg) -- President Recep Tayyip Erdogan risks pushing Turkey’s economy into an economic collapse similar to those seen in Latin America under populist regimes, according to Ashmore Group Plc.While more diversified than Venezuela’s oil-dependent economy, Turkey is currently on a very similar path of policy missteps that are likely to lead to ruin, the $85 billion emerging-market asset manager said.Capital controls, nationalization and other policies designed to prevent the private sector from protecting its property as the macroeconomic environment deteriorates are the next “logical policy steps” that will follow in Turkey, Jan Dehn, the London-based head of research at Ashmore, said by email.

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