Planet earth to Turkish Finance Minister Albayrak

Mr. Berat Albayrak, Turkey’s finance minister and President Erdogan’s son-in-law, seems intent on worsening his already severely dented credibility in the markets. At a time that his country is desperately in need of a coherent economic strategy to address its serious currency crisis, Mr. Berat is blithely assuring us that the Turkish economy will stage a sustained V-shaped recovery from its record 10 percent drop in the second quarter of this year. This lack of realism and economic crisis denial now threatens to accelerate the country’s currency free fall, which could spillover to the European banking system.

Anyone doubting how detached Mr. Albayrak has become from reality need only look at his New Economic Program’s rosy economic scenario. At a time that his country is in the midst of a full-blown currency crisis and at a time that its tourist and export-dependent economy is about to be hit by a second European wave of the pandemic, Mr. Albayrak is assuring us that the Turkish economy will have fully bounced back by year end and will grow by almost 6 percent in 2021.

 
Συνέχεια ανάγνωσης  aei.org

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