Business Maverick: Turkey’s economy powers on through worst inflation in two decades

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One of the world’s worst inflation crises has yet to derail Turkey’s economy, as an upswing in consumer spending and tourism propels growth to among the fastest in the Group of 20.

Cheap money has added an extra kick to the $800-billion economy that’s expanded at a clip of over 6% every quarter since it roared back to life with the easing of coronavirus lockdowns in 2020.

Facing a tradeoff between growth and inflation ahead of elections next year, President Recep Tayyip Erdogan has championed an economic model that prioritises exports, production and employment at the expense of price stability and the currency. Booming tourism has delivered another boost, with arrivals and spending by foreigners surging by well over 100% so far this year.

 

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