Mevlana Museum in Konya was built by the Seljuk Turks in Konya was the capital of the Seljuk Sultanate of Rum Anatolia.
But the currency crisis escalated rapidly earlier this month after Turkish President Recep Tayyip Erdogan indicated Turkey economy wanted to take control of setting interest rates, which he described as "the mother and father of all evil.
More pain to come? After a modest bounce following the rate hike, the lira fell again.
The country imports hundreds of billions of dollars worth of goods each year, including cars, clothing and fridges. Those items are getting more expensive by the day.
After hiking rates, the central bank said it wanted to achieve a "significant improvement" in the outlook for inflation.
Erdogan, who is seeking reelection on June 24, also appeared to back away from his threat to interfere in monetary policy. But experts say the moves were too little, too late. The damage has already been done. A wider economic crisis? Experts are worried that surging inflation could put a drag on economic growth.
That means it imports more than it exports and needs foreign finance to make up for the difference. It relies on short-term debt to keep the economy functioning, but this comes with the risk that the supply of funds can dry up quickly if investors want to get out.
They also want the government to pull back on lending programs and economic stimulus measures. Erdogan said on Wednesday that if reelected, his government would "take the necessary steps to reduce the current account [deficit] and lower inflation" and make financial stability a priority.
Erdogan announced last month that Turkey would hold snap parliamentary and presidential elections in June, more than a year earlier than expected. Erdogan was the leading favorite. Erdogan, who served as prime minister from until he was elected president inhas always boasted about his economic achievements, which benefited his lower and middle income electoral base.Turkey is the sixth-largest economy and the seventh-largest trading partner in Europe, on which it depends heavily for imports and exports.
Today, even though it has lost some of its influence, the European Union remains the main trading partner of Turkey, with which it entered a customs union in According to recent estimates, Turkish.
May 24, · Turkey is trying desperately to halt a collapse in its currency that could trigger an economic crisis just as the country prepares to vote in an election. The lira has plunged about 20% against. Turkish Economy. Turkey is a dynamic emerging market equipped with a network of developed infrastructure and a globally competitive work force.
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Turkey's economy and diplomatic initiatives led to its recognition as a regional power while its location has given it geopolitical and strategic importance throughout history. Turkey is a secular, unitary. Data and research on economy including economic outlooks, analysis and forecasts, country surveys, monetary and financial issues, public finance and fiscal policy and productivity., Turkey - Economic forecast summary.
The WBG is partnering with the EU’s Facility for Refugees in Turkey (FRiT) and helping in the areas of social support and adaptation, labor markets and the economy, and education, as well as in the crosscutting areas of data collection, measurement, and monitoring.