Despite a sharp interest rate hike by the Turkish central bank, the country's currency has continued its slide amid skyrocketing inflation. And Turkish businesses are increasingly feeling the pinch.
Under a new economic program, Turkey wants to cut its growth sharply and promised to curb public spending, as it seeks to avoid a full-blown economic crisis fueled by massive inflation and a plunging currency.
The Turkish inflation rate hit 25 percent year-over-year as the economy teeters. President Erdogan responded by calling on the state to raid stockpilers and asking people to inform police of price increases at shops.
In the nick of time for a national holiday, President Erdogan is cutting the ribbon on Istanbul's massive new airport. It could one day be the world's biggest, but there have been many losers in the construction process.
Turkish President Recep Tayyip Erdogan has put himself in charge of a $40-billion state wealth fund that he said failed to reach the "desired" goals. His son-in-law, Finance Minister Berat Albayrak, serves as deputy.
© 2018 Deutsche Welle |
Legal notice |
| Mobile version