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Erdogan’s AKP divided over future economic policies ahead of second round of elections – reports

Erdogan’s AKP divided over future economic policies ahead of second round of elections – reports

 


An ‘informal group’ is discussing an alternative to President Recep Tayyip Erdogan’s controversial economic agenda, days before he seeks to extend his rule.

Disagreements over “unsustainable” economic policy under Recep Tayyip Erdogan surfaced within his own party days before Turkey heads to a second round of national elections.

An “informal group” of the ruling AKP is considering whether the Turkish president should abandon his policy of reviving the struggling economy with interest rate cuts and spending, according to the US news agency Reuters.

Erdogan, however, was not directly involved in the talks, which discussed alternative methods.

Turkey’s economy has collapsed in recent years, with the value of its currency collapsing.

Experts have blamed part of the problem on Erdogan’s decision to keep interest rates lowwhich overheats the economy by making borrowing cheaper.

The informal group’s plan would not include an aggressive interest rate hike, but a gradual transition to a key rate in the lending market.

Several ideas beyond that, however, are being considered and the opposing group has yet to present the plan to Erdogan, the sources say.

As the president seeks to rule for a third term, concerns over Turkey’s crumbling currency management and rising cost of living are at an all-time high.

Turkey’s tourism-dependent economy stabilized during the COVID pandemic, but recorded an average annual GDP growth of 5.8% between 2002 and 2021.

In September 2021, 1 US dollar was worth about 8 Turkish liras, but in May 2023, this figure has increased to almost 20.

A survey last year by the Yneylem Center for Social Research showed that more than two-thirds of Turks struggled to pay for their food and cover their rent, leading to an increase in mental illness and debt .

Turkey’s presidential election will take place on Sunday after no candidate managed to secure an outright majority of 50%, despite the incumbent securing the largest share of the vote.

One of the main programs carried by the main opposition party Kemal Kilicdaroglu was to reorient the national economy with the adaptation of free market principles.

Erdogan, on the contrary, hinted at a possible change in economic policy to attract international investors to counter Turkey’s declining foreign exchange reserves.

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2/ https://www.euronews.com/2023/05/25/erdogans-akp-divided-on-future-economic-policies-before-election-runoff-reports

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