Aug 09 2018

It is too late to save Turkey’s economy - analyst

Turkey’s “Stalinist” mainstream media is refusing to report on economic problems, analyst Atilla Yeşilada wrote for economy focused website Para Analiz, but in any case, he said, it was too late to save the country’s economy.

“Recession has started, and it shall not end easily, because this is Turkey’s first balance sheet recession,” he wrote.

“A fate similar to Brazil and Russia awaits the erstwhile ‘European Tiger’ (remember those headlines dating back to 2011 in the Economist?)”

The proximate cause of the coming recession may be painful sanctions on Turkey by the United States, but rapidly increasing inflation, falling exchange rates, and hundreds of billions of foreign exchange debts mean that even if Washington and Ankara bury the hatchet, Turkey is still heading towards recession, Yeşilada said.

“Sometimes it doesn’t take an advanced degree in economics to see that an economy is headed for a recession, common sense is enough,” he said.

“It is regrettable that Ankara and most of Turkey lacks that basic quality.”