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With its economy already fragile, Turkey now braces for a widening budget deficit, fresh inflationary pressures and a blow to its gross domestic product (GDP) after a pair of massive earthquakes devastated vast areas in the country’s southeast.
The disaster struck in the lead-up to the May 14 elections, turning up the pressure on President Recep Tayyip Erdogan, who faces the toughest yet re-election race in his two-decade rule. With annual inflation running at nearly 58%, Erdogan had hoped to deliver some economic relief to an electorate exasperated by skyrocketing prices before the crucial polls.
