Turkey faces major financial struggles, making the economy a key factor in the early parliamentary and presidential elections coming next month. There are several issues that many Turks are concerned about, yet the top issue is undoubtedly the economy.
The lira has weakened significantly, becoming one of the world’s worst performing currencies this year with a loss of over 17% since the beginning of 2018. Though Turkish President Tayyip Erdogan announced the government will take measures to tackle the currency volatility and inflation, his words are part of the issue, Turkey’s television network, CGTN, reported.
Erdogan recently announced he would be more involved with the country’s central bank policies if he is elected. Erdogan is for lowering while the central bank wants to keep it high. This raised concerns even further as Erdogan has a different take on what needs to be done regarding interest rates.
Unveiling his manifesto at a Justice and Development Party rally in Ankara last Thursday, Erdogan said “strict measures in the fight against inflation will be taken immediately after the June 24 elections,” promising that confidence and stability would remain the “merits of our economy”.
The president gave no further details on how he would fight inflation, but has in the past voiced strong opposition to increasing interest rates.
Gareth Jenkins, a political analyst emphasizes Erdogan has switched political strategies over the last few years, by saying “he’d been telling people you’ll get richer, the economy will get better. In 2013, he shifted.”
The atmosphere in Turkey is quite tense at the moment, with most locals quite worried about the economy, hoping for a “long-term treatment” to economic recovery.
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