Economic crisis in Turkey has escalated due to the policies of President Erdogan

Istanbul: – Economic policy of President Recep Tayyip Erdogan and the central bank’s actions have led to a fall in the value of the Lira in international markets. The Turkish Lira depreciated by 1% on Monday, and inflation in the country reached a record high. Local and international organisations are warning that this could further escalate the economic crisis in Turkey.

Moreover, despite rising consumer price indices, President Erdogan has adopted a policy of cutting interest rates. President Erdogan says higher interest rates are driving up inflation. Since September, Turkey’s central bank has cut interest rates by four per cent and sought to control the situation. But this has not averted the economic crisis in Turkey. On the contrary, international analysts have criticised that Lira is being affected due to wrong economic policies and decisions. The Lira depreciated sharply against the USD and the Euro. It is claimed that the Lira has declined by 40% since the beginning of this year.

Furthermore, inflation rose to 21.31% in November. It was 19.89% in October. The prices of essential commodities in the Turkish wholesale market have skyrocketed and dissatisfaction among the Turkish people is rising. Natural gas prices rose by 102%. Prices of eggs, meat, and bread have been increased by 35 to 40 per cent in the capital, Ankara and Istanbul. Turkey is currently facing a severe inflation crisis. The Financial Times has warned that the Turkish people will face ‘hyperinflation’ if President Erdogan does not distance himself from his unwise policies. International organisations are expressing concern that in such a situation, the people of Turkey will not even get a single full meal per day.

A few days ago, President Erdogan instructed his people to reduce meat consumption to control inflation. Erdogan suggested that citizens increase their vegetarian diet and change their eating habits rather than eating meat. The Turkish population has strongly criticised, ‘President Erdogan has discovered wisdom now; we had already reduced our requirements a long time ago. Even then, inflation is scorching us.’

Exit polls suggest the popularity of President Erdogan has hit a low. Meanwhile, President Erdogan is now ready to enlist the help of other countries to pull Turkey out of this economic crisis. That is why he is currently on a visit to Qatar. Turkish President Recep Tayyip Erdogan has demanded that Qatar help him financially and bail Turkey out of this crisis.