EXPLAINER: Are Turkey's efforts to fix the economy working?
ABC News
Turkey’s government and central bank have taken unconventional steps in recent weeks to prop up a beleaguered economy crippled by skyrocketing consumer prices, instead of ending a much-criticized plan to cut interest rates
ANKARA, Turkey -- Turkey’s government and central bank have taken unconventional steps in recent weeks to prop up a beleaguered economy crippled by skyrocketing consumer prices, instead of ending a much-criticized plan to cut interest rates.
President Recep Tayyip Erdogan’s insistence on cutting rates — the opposite of what economists say to do to curb soaring inflation — has weakened the country's currency and driven prices even higher, making it tough for people to buy basics like food.
Here’s a look at the impact of Erdogan’s economic policies and their long-term risks:
WHAT'S GOING ON?
