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Turkey’s economic dilemma: Win Qatar or lose the Gulf?

By backing Qatar, Turkey faces economic losses in the Gulf but improved economic ties with Iran
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Turkey has suffered heavy economic losses over the past few years because of its misguided foreign policy in its relations with Egypt, Libya, Syria and Iraq and other regional markets. Its economy also received serious blows from Russian sanctions that followed Turkey’s shooting down a Russian jet in November 2015. Now, by taking a position supportive of Qatar in the blockade imposed by the Gulf countries and led by Saudi Arabia and Egypt, Turkey is risking further economic damages.

Even before alleviating the heavy losses inflicted by the Russian sanctions on its exports, tourism and foreign contracting, Turkey faces serious economic disadvantages by becoming a party to the Qatar crisis.

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