Three Scourges of Turkish Economy: Unemployment, Inflation, and External Deficit
• After a stellar year in terms of GDP growth, recent data reveals a visible deceleration in economic activity. Turkey could experience a recession this year. Why?
• Ukraine War and Fed interest rate hikes have hit the economy hard, which had already been weakened by the insane economic policies of President Erdogan.
• Let’s look to the future. The problems of the economy can be summarized under three headings.
• HELP, we are drowning in hyperinflation.
• Turkey moved from high unemployment to chronic unemployment. No more jobs, young people.
• External deficit (current account deficit) is likely to reach 4% of GDP this year, or $35-40 bn. With Turkey’s single B credit rating, financing will certainly cause a recession.
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