Analysis
Turkey’s economic crisis coincides with new diplomatic initiatives
Finding solutions: Turkey and the UN are pursuing diplomacy to end Ukraine war while Ankara is considering rapprochement with Syria and mending ties with Israel.
As economy struggles, Erdogan pursues foreign-policy achievements
Turkey’s economy remains in a bad place. Just how bad? The country again lowered interest rates despite inflation reaching surging to an annualized 79% in July, Adam Lucente reports.
Unemployment is over 10%. Money is running out with Turkey’s occupation of northern Syria costing around $2 billion annually, according to The Financial Times, and the presence of 3.7 million Syrian refugees adding another $40 billion in fiscal burden.
Looking to create some successes to counter the distress, Turkish President Recep Tayyip Erdogan is turning to foreign policy, reviving the "zero problems with neighbors" approach he’d taken before the Arab Spring over a decade ago.
