Skip to Content

EXPLAINER: Are Turkey’s efforts to fix the economy working?

KVIA

By SUZAN FRASER
Associated Press

ANKARA, Turkey (AP) — Turkey’s government and central bank have taken unconventional steps in recent weeks to prop up a beleaguered economy crippled by skyrocketing consumer prices, instead of ending a much-criticized plan to cut interest rates. President Recep Tayyip Erdogan’s insistence on cutting rates is the opposite of what economists say to do to curb soaring inflation. It’s weakened the country’s currency and driven prices even higher. That makes it tough for people to buy basics like food. Analysts fear the efforts he’s taken to boost the Turkish lira and the economy will create problems down the road. Opposition leaders say they aren’t working in the short term either.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KVIA ABC 7 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content