Turkey’s President Follows His Own Advice Even as Economy Slips
The New York Times
President Recep Tayyip Erdogan is increasingly isolated as he clings to an economic prescription that few endorse but that he believes will bear results before elections.
ANKARA, Turkey — President Recep Tayyip Erdogan sat for an interview on national television late last month, apparently seeking to calm nerves about Turkey’s weakening currency and galloping inflation. But the reaction has been anything but calm.
He insisted there was “no turning back” on his newly announced economic plan, which has promoted policies that seem aimed at defying the laws of economic gravity, like refusing to tick up interest rates to combat rising prices and buttress the value of his currency.
“Interest rates make the rich richer, the poor poorer,” he said. “We have prevented our country being crushed in such a way. We will not allow this.”
