Wednesday, March 24, 2021
The tragedy of Erdogan’s economic mismanagement | Financial Times
The tragedy of Erdogan’s economic mismanagement
End of brief shift towards economic orthodoxy leaves Turkey vulnerable
It is no surprise that a leopard cannot change its spots, it was only a shock that the reversion to type happened so quickly. Turkey’s president Recep Tayyip Erdogan has quashed the country’s brief attempts to move the economy towards an orthodox response — raising interest rates — to address its sizeable current account deficit and tame inflation. This erratic and heavy-handed leadership leaves the country even more vulnerable to a potential shift to higher global interest rates.
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