Turkish gross domestic product officially grew 5% year on year in the first quarter, a rate of growth far in excess of what economists expected, and, on the surface, a remarkable comeback for an economy hit hard by last year’s coup. [...]
Last year, the government’s statistics bureau suddenly announced it was changing the way it calculates economic data, throwing away the conventional tools statisticians use for others that suddenly made the economy a fifth bigger than it had been. For Erdogan, however, that wasn’t enough, especially as real growth remained sluggish. To get the numbers that would make the Turks continue to feel good, he’s turned to a dangerous game of deficit spending and easy credit. [...]
The president insists he needs that power to defend the country, but the use he has made of it is actually destroying the Turkish economic miracle that began about the time he came to power. Foreign investors, who Turkey desperately needs to help offset a gaping current account deficit, have shunned the country. [...]
But there was a time not too long ago when Erdogan was hailed as a responsible leader and an example of how Islam and democracy could go hand in hand. It all changed in the space of a few years, into a Turkey of repressive politics and crony capitalism, which are more natural partners than Islam and democracy.
No comments:
Post a Comment