The signs of Turkey’s disastrous economy are all around. Long lines snake outside discounted bread kiosks. The prices of medicine, milk and toilet paper are soaring. Some gas stations have closed after exhausting their stock. Angry outbursts have erupted on the streets.“Unemployment, high living costs, price increases, and bills are breaking our backs,” the Confederation of Progressive Trade Unions said last month.Even before the coronavirus pandemic and supply chain bottlenecks began walloping the world’s economies nearly two years ago, Turkey was trying to ward off a recession as it struggled with mountainous debt, steep losses in the value of the Turkish lira, and rising inflation. But in recent weeks that slow-moving train wreck has sped up with a ferocious intensity. And the foot that’s pushing hardest on the accelerator belongs to the country’s authoritarian president, Recep Tayyip Erdogan.Why is this happening now?Turkey’s economic problems have deep roots but the most recent crisis was …
Browse
Business Central
Accelerate growth with 1BusinessWorld's Global Business Profile
Sign up for free or use coupon code 1BW50 for 50% discount on your subscription
Sign up nowLatest Business News
- Harnessing Storytelling for Sustainable Change (10/31/2024) - How Authentic Narratives Drive Engagement, Inspire Action, and Advance Sustainability… Read more...
- Greening the Stage: Transforming Music Festivals into Hubs for Sustainability (10/29/2024) - How Eco-Conscious Practices and Strategic Collaboration are Shaping the Future… Read more...
- Precision Medicine’s Promise: Transforming Healthcare into a Personalized Reality (10/29/2024) - How Strategic Partnerships, Innovative Models, and Equitable Access Can Make… Read more...
- Navigating NYC’s Real Estate Market: Strategic Leadership Amid Unprecedented Challenges (10/24/2024) - How Understanding Market Cycles and Adapting Strategies Can Transform Volatility… Read more...
- Water Scarcity: Real Estate’s Overlooked Risk (10/24/2024) - Why Investors Must Address Water Management Now In an era… Read more...
- Strategic Urban Rebirth: Transforming Office Spaces into Residential Hubs (10/23/2024) - How the Office-to-Residential Shift is Reshaping Urban Landscapes and Addressing… Read more...