International news headlines sum up the parlous state of Turkey’s economy. “Turkish inflation hits 20-year high of 54%” and “Discontent grows about state of economy as lira tumbles” was how the Financial Times reported on it a few months ago.
“Fallout of Ukraine war exposes Turkey’s vulnerable economy” was Reuters’ take on the situation, while Bloomberg’s view was that “Turkish inflation’s rush towards a new 20-year high leaves lira vulnerable”.