How Erdonomics Sank Turkey
Following years of mismanagement by an authoritarian president, Turkey's economy is reeling. Without new leadership or a course correction that includes a tighter monetary policy, Turkish households' economic prospects will continue to darken, and the impact on the country's stability will become impossible for others to ignore.
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WASHINGTON, DC – Turkey’s economy is in crisis. Inflation is high and rising, economic growth is stalling, foreign-exchange reserves have plummeted, many goods are in short supply or simply unavailable, and low- and middle-income households are increasingly impoverished. With per capita GDP having fallen from $12,600 in 2013 to $8,500 in 2020, Turkey’s 85 million people have faced dimming economic prospects for the better part of a decade.