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Turkey’s Economic Turmoil Sends Desperation and Inflation Soaring
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ISTANBUL—The two-decade economic boom that lifted millions of Turks into the middle class is beginning to unravel, threatened by a currency crisis that has people lining up for subsidized bread, cutting back on meat and fleeing for a better life in Europe.
The Turkish lira has lost as much as 45% of its value this year, making ordinary Turks poorer. The pandemic-era consumer-price increases that have plagued economies across the world are supersize in Turkey, where inflation stands at more than 21%. People here are rushing to trade their shrinking wages for dollars and gold, are eating out less and are having more trouble finding imported goods, including medicine.
Read more on wsj.comAbout this in other media
Turkey’s Borrowing Costs Soar as Crisis Enters New Phase wsj.com /2 years ago
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