The recent economic challenges in Turkey have been a major factor in the success of the opposition party. Despite the government’s efforts to maintain its course of reform, the population has been struggling with high inflation and rising costs of living.
President Recep Tayyip Erdogan acknowledged the severity of the situation and called inflation a “bottomless pit.” The decline in currency value is a result of Turkey’s unconventional monetary policy, which Erdogan supports. Despite initial challenges, the government is on track to address inflation and control prices with new leadership promoting fiscal orthodoxy.
The Central Bank has been steadily raising interest rates to combat inflation, but more determination is needed to sustain this effort. The recent local elections marked a shift towards a more conservative approach in economic policy, with investors showing renewed interest in Turkey’s market.
While external challenges such as trade pressure from the West and earthquake reconstruction financial burden remain, maintaining the current course could lead to long-term economic stability and success for Turkey in the future.
