Turkey’s economy in freefall as runaway inflation compounds uncertainty
Ten years ago, Turkey was recognized as a developing nation with a thriving economy. The country aimed to become one of the world’s top 10 economies by 2023—the centennial of the Republic’s founding—under its ambitious “Vision 2023” plan. However, Turkey’s economic decline since 2013 has progressively worsened living conditions for its citizens. Ironically, in 2023—the target year for Vision 2023—economic circumstances deteriorated further, and the plan’s objectives collapsed.
President Recep Tayyip Erdoğan promised at the time that if given another chance by voters, he would rescue the economy through reforms. Yet this pledge also went unfulfilled. Today, millions of Turks face stagflation, inequality rising poverty and unemployment while losing significant purchasing power.Compounding these challenges foreign policy has failed to bolster economic stability Analysts warn that by year-end the dollar will exceed ₺45, further straining manufacturing industries and exports.
The Dispute Over Data
A key criticism from Erdoğan’s opponents is that his economic team—including finance ministry officials central bank governor and statistics chief—withhold obvious reports on national conditions allegedly manipulating data For instance official figures showed annual inflation peaking at 64.8% in early-2024 (its highest since November-2022) with core inflation hitting a 24-year record (70.6%). Market-aligned research groups however reported triple-digit inflation averaging
