23 November 2017
The Turkish economy is once again facing a challenging period as it struggles to overcome both new and longstanding weaknesses
- Inflation is on the increase in Turkey as the value of the lira falls and global energy prices rise
- This is exacerbating wider problems in the economy, adding to the current account deficit and damaging the volatile construction sector
- The government has thus far been reluctant to take action, arguing that raising interest rates risks stifling economic growth, but is coming under growing domestic and international pressure
The value of the Turkish lira has fallen to record lows after depreciating by more than 15 percent against the dollar and euro over the last 6 months. A historically weak lira has added to the burden on the Turkish economy, which is now facing growing inflationary pressure. Last year’s failed military coup significantly damaged Turkey’s manufacturing and service sectors…
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Photo credit: Bloomberg