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Turkey’s business leaders keep quiet as economic crisis deepens

Wary of the government’s wrath, Turkey’s main business groups are staying mum in the face of growing economic turmoil while keeping tabs on the prospect of early elections.
A man walks past an information screen displaying rates in front of an exchange office in Istanbul, on October 26, 2020 as Turkey's lira set a new record low against the US dollar. - Turkey's lira was trading at 8.03 against the dollar at around 0730 GMT, suffering a loss of nearly one percent since the beginning of the day. The Turkish currency also recorded its lowest level against the euro, trading near 9.52. (Photo by Yasin AKGUL / AFP) (Photo by YASIN AKGUL/AFP via Getty Images)
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Turkey’s economic turmoil is worsening amid a fresh bout of currency depreciation, but a deafening silence reigns over the country’s leading business groups as few seem to have the courage to openly criticize President Recep Tayyip Erdogan and his government.

The freefall of the Turkish lira has meant a 48% increase in the price of the dollar over a year, threatening to send inflation out of control. And the COVID-19 pandemic, which is picking up anew, has only compounded the economic tumult plaguing Turkey since mid-2018. 

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