The Intelligence from The Economist A cut-rate theory: Turkey’s currency spiral
Nov 26, 2021
Piotr Zalewski, The Economist's Turkey correspondent, discusses Turkey's economic crises driven by President Erdogan's unconventional policies, highlighting severe inflation and a plummeting lira. Sarah Burke sheds light on the upcoming Honduran elections, characterized by deep political distrust and the looming threat of unrest. Anne Rowe honors the legacy of Rossana Banti, a passionate anti-fascist, recounting her courageous actions during Nazi-occupied Italy and her enduring influence on leftist ideals.
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Turkey's Economic Crisis
- Turkey's economy is struggling with soaring inflation and a sinking lira.
- President Erdogan's unconventional economic policies, including lowering interest rates, are exacerbating the crisis.
Economic Hardship in Turkey
- A retired nurse shared her struggles to afford food for her family, sometimes going to bed hungry.
- Many Turks, including blue-collar workers, students, and pensioners, face similar economic hardships.
Erdogan's Resolve and Political Standing
- Erdogan's resolve to stick with his economic policies, despite their negative impact, could further destabilize the economy and his political standing.
- Polls suggest he might lose the upcoming elections due to public dissatisfaction.