Turkey May Face Crisis Next Fall As Erdogan Failing To Curb Inflation - Opposition Party

Turkish President Recep Tayyip Erdogan is currently unable to curb high inflation in the country, with a wider economic crisis looming next fall, the leader of Turkey's Innovation Party, Ozturk Yilmaz, told Sputnik

MOSCOW (UrduPoint News / Sputnik - 31st May, 2023) Turkish President Recep Tayyip Erdogan is currently unable to curb high inflation in the country, with a wider economic crisis looming next fall, the leader of Turkey's Innovation Party, Ozturk Yilmaz, told Sputnik.

"At the moment Erdogan could not fix Turkey's emerging economic crisis and problems, because Erdogan has total failure in tackling the economic issues. Inflation is rising up, Turkey's currency has lost its value, Turkey's interest rates are higher than expected. Now investors cannot invest in Turkey and direct investments are not coming to Turkey. So economy is very bad at the moment," Yilmaz said.

Erdogan could seek financial assistance from other countries such as Qatar, but it is unlikely to help resolve the current economic issues in the country, the politician also said, adding that it would "push Turkey in a wider economy crisis" as early as next fall.

For years now, Turkey has been dealing with high inflation. In April, it was 43.68% year-on-year, down from 50.5% compared to the previous month, according to the Turkish Statistical Institute (Turkstat). At the same time, the independent Inflation Research Group said inflation in Turkey in April was 105.19%. The Bank of Turkey forecast inflation in the country would be 22.3% by the end of the year.

The Innovation Party is a Turkish opposition centrist party founded by Yilmaz in 2020 after he was expelled from Kemal Kilicdaroglu's Republican People's Party over internal conflicts.