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Thu, 21 Nov 2019 01:54 GMT

Turkish Economy Burdened by Waste

Politics

7Dnews London

Mon, 22 Oct 2018 10:00 GMT

President Erdogan on August 11th blamed the country’s economic downturn on the United States and other nations that he claims are waging “war” against his country.

Turkey’s President said that dollars, euros and gold were now “the bullets, cannonballs and missiles of the economic war being waged against our country.”

As reported by AP, he promised supporters that Turkey was taking the necessary precautions to protect its economy but added, “the most important thing is breaking the hands firing these weapons.”

In an opinion piece published in The New York Times on Friday, Erdogan criticized the tensions with the US, saying a "failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies."

Meanwhile, foreign investors could be spooked and start pulling their money out, reinforcing the currency drop and potentially leading to financial instability.

Middle East