Erdogan Urged to Save ‘Sinking’ Economy

Erdogan Urged to Save ‘Sinking’ Economy
Erdogan Urged to Save ‘Sinking’ Economy

Former Turkish deputy prime minister Ali Babacan on Saturday reiterated a warning about the country’s economy as he called on the government to take action against the nation’s financial woes.

The most important item on Turkey’s agenda is the ailing economy, T24 News cited the leader of the opposition Democracy and Progress Party (DEVA) and former economy minister as saying during a party convention in Istanbul, Ahval News reported.

The country is headed for a “demise” unless Ankara immediately takes measures, Babacan said.

His remarks come as Turkey is experiencing its worst economic crisis in almost two decades. The country is battling runaway inflation - a staggering 73.5% - and the central bank's reluctance to raise interest rates are sparking fears of another currency crisis after the lira lost 44% of its value in 2021 and is down more than 20% this year.

The currency crisis was sparked by President Recep Tayyip Erdogan ordering the central bank to announce a series of interest rates cuts despite rising inflation.

“The threat is great and near,” Babacan said. “But some people are insisting on efforts to change the names of certain companies and labels… the country is sinking. And the ruling power is busy with changing signs.”

Babacan earlier this week warned that Turkey was on the verge of total bankruptcy as he criticized the government for its failure to steer the economy.

The DEVA Party leader said that Turkey would soon be “unable pay for the natural gas and oil it imports,” and unable to meet needs like gas and diesel “even with money,” T24 said.

He called on Erdogan to let go of his grip over the central bank and the Turkish Statistical Institute (TUIK), and appoint competent teams to lead both organizations.

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