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Turkey Has the Chance to Do Things Differently on Its Economy

Turkey has begun to take steps toward a more coherent economic policy, but its outcome will ultimately be determined by President Recep Tayyip Erdogan.

by Sinan Ülgen

published by

Bloomberg

on November 11, 2020

Source: Bloomberg

Long criticized for its unconventional economics, Turkey’s government has started taking steps toward a more rational approach.

The adjustment was triggered first by the sacking of the country’s central bank governor, Murat Uysal, and then the puzzling resignation on Sunday of the finance minister, Berat Albayrak. The latter — son-in-law to President Recep Tayyip Erdogan — was quickly replaced by Lutfi Elvan, a respected AK Party politician and ex-deputy prime minister. Former Finance Minister Naci Agbal is taking over the central bank.

Having such a seasoned economic management team is a welcome change, but its task will be complicated by the extreme centralization of power in Turkey and a backdrop of geopolitical risk.

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This article was originally published by Bloomberg.

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