Will Turkey Remain Committed to Economic Reform?
Eight months after the Turkish government embraced economic orthodoxy, the country has begun to enjoy the fruits of normalization. But slower-than-expected progress on curbing inflation might test President Recep Tayyip Erdoğan’s patience, especially because economic conditions will likely get worse before they get better.
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ISTANBUL – Eight months after a surprise return to orthodox economic policies, Turkish officials are continuing to signal their commitment to reform. The Central Bank of the Republic of Turkey (CBRT) has raised interest rates by 36.5 percentage points since June, while the government, steered by Finance Minister Mehmet Şimşek, has tightened fiscal policy, notably by increasing indirect taxes and adjusting regulated prices.