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Western EuropeMay 4 2022

Macroeconomic woes pile on the pressure in Turkey

Turkey’s economy is suffering for many reasons and the situation is being exacerbated, say the government’s critics, because of official policy. Michael Imeson reports.
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Macroeconomic woes pile on the pressure in Turkey

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”.

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