Three Scourges of Turkish Economy: Unemployment, Inflation, and External Deficit

Three Scourges of Turkish Economy:  Unemployment, Inflation, and External Deficit


  • After a stellar year in terms of GDP growth, recent data reveals a visible deceleration in economic activity. Turkey could experience a recession this year. Why?


  • Ukraine War and Fed interest rate hikes have hit the economy hard, which had already been weakened by the insane economic policies of President Erdogan.


  • Let’s look to the future. The problems of the economy can be summarized under three headings.


  • HELP, we are drowning in hyperinflation.


  • Turkey moved from high unemployment to chronic unemployment. No more jobs, young people.


  • External deficit (current account deficit) is likely to reach 4% of GDP this year, or $35-40 bn. With Turkey’s single B credit rating, financing will certainly cause a recession.


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Published By: Atilla Yeşilada

GlobalSource Partners’ Turkey Country Analyst Atilla Yesilada is the country’s leading political analyst and commentator. He is known throughout the finance and political science world for his thorough and outspoken coverage of Turkey’s political and financial developments. In addition to his extensive writing schedule, he is often called upon to provide his political expertise on major radio and television channels. Based in Istanbul, Atilla is co-founder of the information platform Istanbul Analytics and is one of GlobalSource’s local partners in Turkey. In addition to his consulting work and speaking engagements throughout the US, Europe and the Middle East, he writes regular columns for Turkey’s leading financial websites VATAN and and has contributed to the financial daily Referans and the liberal daily Radikal.