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Erdogan to blame for Turkey’s emerging market risks




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Using an iPhone to fight back against a coup did not give a boost to Turkey’s newly minted all-powerful President Tayyip Erdogan. Instead, the Turkish leader now wants to ban iPhones and all American tech products.

A move that jolted President Donald Trump who maintained that he is not satisfied and is even frustrated that Turkey did not release the American pastor jailed in the country for his alleged support for the fatal but failed coup d’Etat.

Trump imposed double-tariffs on Turkish steel export to the US, hurting the already fragile economy sending the Turkish lira nosediving uncontrollably.

On 15 July 2016, a coup d’état was attempted in Turkey against state institutions, including the government and President Recep Tayyip Erdoğan.
The latter battled the coup, winning and curbing freedom in the country while he used the coup success to sideline his opponents and their supporters.
This was not all. His move against the thousands of anti-Erdogan civil servants and military personnel paved way for Erdogan to change the country’s constitution to impose himself as the ultimate President.
Prior to this incident, Turkey was perhaps in a better shape in economic terms. Growth was commendable and the economy was rising, and it was all done while Erdogan was a rising star in local politics.
His previous governments did the right thing, but Erdogan as President looks a bit hasty to achieve the same successes in a shorter term.
Turkey is an emerging market and it is now facing the full brunt of the American trade war – an illegal war indeed but who can stop Trump?
As a result, the Turkish Lira fell to an all-time low and this has put the country’s economy at risk.
Turkey has a massive balance of payments funding need. The sinking Lira does not make it easier for Turkey to fund its development, while investors are seeing a shrinking landscape with their capital thinning like snow in the hot sun.
What should Turkey do? Perhaps deporting the American bishop Andrew Brunson?

Send in your scoop to news@theindependent.sg 

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