Ahead of a critical election Turkey’s economy is running on borrowed time
With the lira down 80%, Recep Tayyip Erdogan’s medicine isn’t working
VISITORS TO TURKEY are often surprised to discover that in a country supposedly consumed by economic malaise, the restaurants, at least in large cities, are bursting with customers. But appearances are deceptive. A big reason for the bustle is that middle-class Turks would rather spend their earnings today than watch inflation, officially measured at 55% year on year but widely believed to be much higher, burn through their savings tomorrow.
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This article appeared in the Europe section of the print edition under the headline “Election economics”
Europe April 1st 2023
- Ahead of a critical election Turkey’s economy is running on borrowed time
- Why Russian oil and gas is still flowing through Ukraine
- Belarus’s beleaguered opposition is flirting with violence
- What to do with Russia’s abandoned luxury yachts?
- More strikes and demonstrations against French pension reform
- A surge of migrants is reaching Italy
- Europe is unprepared for what might come next in America
From the April 1st 2023 edition
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