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Economic gloom is at the heart of Turkey’s coming elections

Erdogan has pulled the wrong policy levers and now voters are feeling the squeeze

By Fadi Hakura  

Turkish President Recep Tayyip Erdoğan. Photo: Depo Photos/Zuma Press/PA Images

Turkey is in the midst of a heated presidential and parliamentary elections campaign. The votes are scheduled for 24th June but will take place against a deeply troubling economic backdrop: the Lira is plumetting and there is double-digit inflation.

So what’s going on? President Recep Tayyip Erdogan has pumped gargantuan amounts of cheap credit into the Turkish economy, loosened fiscal expenditure, relaxed monetary policy and boosted tax incentives to generate an impressive-sounding growth rate of 7.4 per cent…

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