Ahead of a critical election Turkey’s economy is running on borrowed time
With the lira down 80%, Recep Tayyip Erdogan’s medicine isn’t working
VISITORS TO TURKEY are often surprised to discover that in a country supposedly consumed by economic malaise, the restaurants, at least in large cities, are bursting with customers. But appearances are deceptive. A big reason for the bustle is that middle-class Turks would rather spend their earnings today than watch inflation, officially measured at 55% year on year but widely believed to be much higher, burn through their savings tomorrow.
Explore more
This article appeared in the Europe section of the print edition under the headline “Election economics”
Europe April 1st 2023
- Ahead of a critical election Turkey’s economy is running on borrowed time
- Why Russian oil and gas is still flowing through Ukraine
- Belarus’s beleaguered opposition is flirting with violence
- What to do with Russia’s abandoned luxury yachts?
- More strikes and demonstrations against French pension reform
- A surge of migrants is reaching Italy
- Europe is unprepared for what might come next in America
From the April 1st 2023 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from Europe
A dispute over old war crimes strains Polish-Ukrainian relations
The beneficiary is Russia
Austria could soon have a first far-right leader since 1945
Herbert Kickl of the Freedom Party could be the next head of government
Europe has lots of lithium, but struggles to get it out of the ground
Its targets for strategic autonomy look hard to meet
Spain’s government marks 50 years since Franco died
Opponents say it is the birth of democracy that should be commemorated
How extremist politics became mainstream in France
Jean-Marie Le Pen paved the way for his daughter, Marine