When it comes to its ailing economy, Turkey needs to get out of its own way.
Following multiple acts of militancy, including the devastating attack at Istanbul’s Reina nightclub on New Year’s Eve, the Turkish government undoubtedly has major security issues to address. Yet, in the face of this violence, the authorities have been downplaying one of the sectors most heavily affected: the economy.
Turkey continues to invest in big projects, such as the construction of Istanbul’s third airport, while neglecting rising national debt. President Recep Tayyip Erdogan continues to label himself the “enemy” of interest rates, even as the country faces serious investment issues. Consistent militant attacks, meanwhile, have significantly lowered consumer confidence. It is no wonder why the Turkish lira continues to drastically fall.