Turkey Has the Chance to Do Things Differently on Its Economy

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In The Media

Carnegie Europe

Turkey Has the Chance to Do Things Differently on Its Economy

Turkey has begun to take steps toward a more coherent economic policy, but its outcome will ultimately be determined by President Recep Tayyip Erdogan.

By Sinan Ülgen

Published on Nov 11, 2020

Source: Bloomberg

Long criticized for its unconventional economics, Turkey’s government has started taking steps toward a more rational approach.

The adjustment was triggered first by the sacking of the country’s central bank governor, Murat Uysal, and then the puzzling resignation on Sunday of the finance minister, Berat Albayrak. The latter — son-in-law to President Recep Tayyip Erdogan — was quickly replaced by Lutfi Elvan, a respected AK Party politician and ex-deputy prime minister. Former Finance Minister Naci Agbal is taking over the central bank.

Having such a seasoned economic management team is a welcome change, but its task will be complicated by the extreme centralization of power in Turkey and a backdrop of geopolitical risk.

Read Full Text

This article was originally published by Bloomberg.

About the Author

Sinan Ülgen

Senior Fellow, Carnegie Europe

Sinan Ülgen is a senior fellow at Carnegie Europe in Brussels, where his research focuses on Turkish foreign policy, transatlantic relations, international trade, economic security, and digital policy.

Recent Work

Paper
From Trade Dependence to Geopolitical Leverage: The EU in an Era of Weaponized Interdependence
- Sinan Ülgen
Commentary
The EU Equivocating on Turkey Is Bad Geopolitics
- Sinan Ülgen

Political Reform Economy Europe Türkiye Middle East Iran

Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.

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