Turkish economy

Wealthy Turks drive consumption despite soaring inflation

A well-off minority is the driving force behind vibrant consumption in Turkey, but the party might not last long as inflationist pressures increase and the country’s current account deficit widens.

Mustafa Sonmez | Turkey | Jul 20, 2021

Auctioneer Ali Tuna shows items to the audience at an auction house in Istanbul's Balat district on Feb. 3, 2019.

Turkey’s inflation spirals out of control

Soaring prices lie at the core of Erdogan’s sagging popular support and he seems to have few tools to curb the unruly uptick.

Mustafa Sonmez | Turkey | Jul 8, 2021

Turkey's ruling party elites love to splurge while preaching frugality

Turkey's Justice and Development Party is preaching belt-tightening to a suffering public, but will party leaders' often profligate spending cancel out the economic — and political — message?

Pinar Tremblay | Turkey | Jul 8, 2021

After gestures to US, Turkey turns to placating Russia

Turkey is back to its balancing act between Moscow and Washington after a series of moves to win favor with the Biden administration at the expense of irritating Russia.

Fehim Tastekin | Turkey | Jul 7, 2021

Turkey's virus-related curfew ends

Turkey's COVID-19 cases have dropped considerably, and the percentage of people who have received a vaccine dose more than doubled in June.

Al-Monitor Staff | News Brief | Jul 1, 2021

Tourists have a meal at a restaurant at Sultanahmet in Istanbul on May 9, 2021, during a new lockdown aimed at fighting a surging third wave of COVID-19 infections.

Turkish-Danish hospital deal might be more than meets the eye

A Turkish company known as a presidential favorite is ceding its lucrative hospital operation business, a move observers believe is driven not only by financial hardship but also apprehension over Erdogan’s political future.

Mustafa Sonmez | Turkey | Jun 30, 2021

Turkish President Recep Tayyip Erdogan (2nd L) gives an award to Ronesans Holding Member of Board Ferit Seyfi Yagmuroglu (2nd R) during Turkey's 500 Largest Service Exporters Award Ceremony in Istanbul, Turkey, on Dec. 21, 2018.

Official data lays bare deepening poverty in Turkey

With economic disparities worsening amid the coronavirus pandemic, Turkey’s poverty rate has increased 0.6 points to 21.9% of the population.

Mustafa Sonmez | Turkey | Jun 18, 2021

People wearing protective masks shop at a local market, amid the coronavirus pandemic, Ankara, Turkey, Feb. 22, 2021.

Turkish lira dives after inconclusive Erdogan-Biden meeting

Propelled by optimism over a possible S-400 missile compromise, Turkey’s lira slid Tuesday after the first meeting between US President Joe Biden and Turkish President Recep Tayyip Erdogan ended without clear progress.

Diego Cupolo | Turkey | Jun 15, 2021

Turkey's President Recep Tayyip Erdogan (L) and US President Joe Biden (R) attend a bilateral meeting on the sidelines of the NATO summit at the North Atlantic Treaty Organization (NATO) headquarters in Brussels on June 14, 2021.

At his weakest moment, Erdogan to meet Biden

The forthcoming Erdogan-Biden meeting on June 14 comes at a time when Erdogan is experiencing his weakest term in his very long reign.

Cengiz Candar | Turkey | Jun 11, 2021

President of Turkey Recep Tayyip Erdogan arrives to give a press conference after a Cabinet meeting at the Presidential Complex in Ankara, Turkey, on Sept. 21, 2020.

US, Turkey still far off on deal over Russian S-400 missiles

Is any feasible deal on the S-400 deployment in Turkey in the works?

Amberin Zaman | Turkey | Jun 9, 2021

Arrest warrant issued for exiled mobster who promises to 'ruin' Turkish officials

Turkish prosecutors issued an arrest warrant Thursday for exiled mobster Sedat Peker, whose video exposes have implicated high-level officials and left ruling party insiders struggling to respond.

Diego Cupolo | Turkey | May 27, 2021

A photograph taken on May 26, 2021 in Istanbul shows on a mobile phone Sedat Peker speaking on his youtube channel.

Erdogan swats aside mobster, stands behind interior minister

President Recep Tayyip Erdogan backs his interior minister, who has been facing allegations made by a Turkish mobster living abroad, and says he will not call early elections.

Amberin Zaman | Turkey | May 26, 2021

Biden administration poised to ax US oil company’s waiver for Kurdish-led northeast Syria

The decision to withdraw the waiver to produce and sell oil in Syria has been presented by administration officials as a policy correction, not a shift.

Amberin Zaman | Syria | May 21, 2021

A man drives a motorcycle past a makeshift refinery using burners to distill crude oil in the village of Bishiriya in the countryside near the town of Qahtaniya west of Rumaylan (Rmeilan) in Syria's Kurdish-controlled northeastern Hasakeh province, on July 19, 2020.

Further depreciation of Turkish lira appears inevitable

The surprise US inflation data last week could be the omen of deepening troubles for the Turkish economy.

Mustafa Sonmez | Turkey | May 17, 2021

A currency exchange office worker counts Turkish Lira banknotes in front of the electronic panel displaying currency exchange rates at an exchange office in Istanbul, on August 6, 2020.

Turkish vaccinated tourism video provokes anger

Foreign tourists are exempt from Turkey's coronavirus lockdown, and hospitality workers were given priority in receiving the vaccine.

Al-Monitor Staff | Turkey | May 15, 2021

Turkish economy

Wealthy Turks drive consumption despite soaring inflation

A well-off minority is the driving force behind vibrant consumption in Turkey, but the party might not last long as inflationist pressures increase and the country’s current account deficit widens.

Turkey’s inflation spirals out of control

Turkey's ruling party elites love to splurge while preaching frugality

After gestures to US, Turkey turns to placating Russia

Turkey's virus-related curfew ends

Turkish-Danish hospital deal might be more than meets the eye

Official data lays bare deepening poverty in Turkey

Turkish lira dives after inconclusive Erdogan-Biden meeting

At his weakest moment, Erdogan to meet Biden

US, Turkey still far off on deal over Russian S-400 missiles

Arrest warrant issued for exiled mobster who promises to 'ruin' Turkish officials

Erdogan swats aside mobster, stands behind interior minister

Biden administration poised to ax US oil company’s waiver for Kurdish-led northeast Syria

Further depreciation of Turkish lira appears inevitable

Turkish vaccinated tourism video provokes anger

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