Blog posts tagged by tag: Turkey
The Turkish lira (TRY) came under intense pressure in late November as political strain with the U.S. intensified and tensions between President Erdogan and Central Bank officials regarding the country’s monetary policy path going forward became more acute. The latest slump in the value of the lira followed renewed pressure by President Erdogan on the Central Bank of the Republic of Turkey’s (CBRT) current policy stance. Erdogan argued in mid-November that Bank officials were on “the wrong path”, stressing that high interest rates were hindering economic growth and fueling higher inflation expectations. This was, however, at odds with the overarching view of analysts, who underlined the need for Turkey to tighten monetary conditions in a bid to rein in soaring consumer prices.
The consequences of July’s coup attempt, numerous terrorist attacks, a weak currency and heightened political uncertainty took a toll on the Turkish economy in the third quarter of 2016. Revised data show that GDP contracted for the first time in seven years, disappointing the markets and contrasting the previous quarter’s expansion. On balance, FocusEconomics panelists expect that the economy will expand 2.7% in 2017, which is down 0.3 percentage points from last month’s estimate.
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