President Tayyip Erdogan's losses in local elections have dented investors&...
ISTANBUL - President Tayyip Erdogan’s losses in local elections have dented investors’ hopes that Turkey will adopt painful reforms they say are needed to stabilize the economy as he moves to shore up his political base.
After a currency crisis last year that saw the lira lose nearly 30 percent of its value, economists say Turkey needs to make long-term commitments to increase exports, relieve debt-laden companies and free up the central bank to do its job. As the economy tipped into recession last year, the lira stabilized and inflation dipped a bit from a 15-year high of 25 percent, offering some relief.
“I don’t think they have any long-term objectives. It would require a constant focus on the economy for an extended period of time.”Albayrak has given few details of the coming reforms, saying only that they would address a wide range of issues. Investors and economists say Ankara needs a plan to recapitalize banks dealing with corporate restructuring and non-performing loans, which could more than double this year.
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