Poverty, Economic Turmoil Shaking Erdoğan's Throne
Dec 14, 2021 17:10:44 GMT -5
Post by schwartzie on Dec 14, 2021 17:10:44 GMT -5
Poverty, Economic Turmoil Shaking Erdoğan's Throne
by Burak Bekdil
December 14, 2021 at 5:00 am
Erdoğan's biggest political rival ahead of the 2023 presidential elections seems to be -- poverty.
The first decade of Erdoğan's rule actually brought relative prosperity to Turks. Per capita GDP rose sharply from $3,688 in 2002 to $11,796 in 2012... Since 2013, however, reckless nepotism, increasing authoritarianism, corruption and economic mismanagement have boosted interest-rates, inflation and unemployment, bringing per capita GDP down to an estimated $7,500.
Nearly half of Turkish workers are minimum wage earners, meaning that millions of families must survive on $233 a month
Unfortunately, since early 2018, the lira has been on a downward slide due to constant geopolitical tensions with the West, widening current account deficits, shrinking foreign currency reserves and mounting public debt.
As the lira crashes to insane historic lows, local salaries are also severely devalued.
Erdoğan is heading fast to becoming the victim of his own miscalculations: a dramatically mismanaged economy and geostrategic challenges that went beyond Turkey's political and military might.
Perhaps these missteps will be the beginning of the end of Erdoğan's ugly populism -- his neo-Ottoman ambitions that have caused major damage to Turkey's economy as well as the country's international isolation.
Continued at link
by Burak Bekdil
December 14, 2021 at 5:00 am
Erdoğan's biggest political rival ahead of the 2023 presidential elections seems to be -- poverty.
The first decade of Erdoğan's rule actually brought relative prosperity to Turks. Per capita GDP rose sharply from $3,688 in 2002 to $11,796 in 2012... Since 2013, however, reckless nepotism, increasing authoritarianism, corruption and economic mismanagement have boosted interest-rates, inflation and unemployment, bringing per capita GDP down to an estimated $7,500.
Nearly half of Turkish workers are minimum wage earners, meaning that millions of families must survive on $233 a month
Unfortunately, since early 2018, the lira has been on a downward slide due to constant geopolitical tensions with the West, widening current account deficits, shrinking foreign currency reserves and mounting public debt.
As the lira crashes to insane historic lows, local salaries are also severely devalued.
Erdoğan is heading fast to becoming the victim of his own miscalculations: a dramatically mismanaged economy and geostrategic challenges that went beyond Turkey's political and military might.
Perhaps these missteps will be the beginning of the end of Erdoğan's ugly populism -- his neo-Ottoman ambitions that have caused major damage to Turkey's economy as well as the country's international isolation.
Continued at link
