I don't know how Erdogan stays in power (well, rhetorical question).
https://www.cnbc.com/2024/05/03/turk...-in-april.html
Quote:
Turkey’s inflation accelerated to 69.8% annually for the month of April, the Turkish Statistical Institute reported Friday.
The highest consumer price increases year-on-year were in education, with a 103.86% jump, and hotels, cafes and restaurants, with an increase of 95.82%.
On a monthly basis, Turkey’s inflation increased 3.18%, led by price rises in alcoholic beverages and tobacco, and hotels, cafes and restaurants.
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There was a time when he was lowering interest rates when inflation was increasing. I guess the US shouldn't complain too much about our interest rate around 5.5%.
Quote:
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Turkey’s central bank has hiked its key interest rate to 50%, citing the continuing need to counter climbing inflation in the country.
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I have no idea how Turkiye pulls itself out of this. Hard to believe Erdogan will ask the IMF for some bailout as there'll be some strict conditions for it (see Greece circa 2010's).