Turkey’s Struggles to Avoid Recession
By IAN CAMPBELL and QUENTIN WEBB
Published: October 24, 2011
The human cost of this week’s earthquake comes as Turkey fights to keep its once-booming economy on track. Ankara is playing a high-risk game by intervening in markets to shore up its currency and lacks the reserves to do so. Turkey will struggle to avoid adopting higher interest rates to shore up its currency, the lira, even though that may push a previously overheating economy toward recession.
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