According to President Recep Tayyip Erdogan, 2021 will be “the year of democratic and economic reforms” in Turkey. Accelerated structural reforms should help his country out of economic misery, as Erdogan signaled on Saturday in a video message for an event in Ankara.
“We are determined to create a system based on production and employment,” he added, without further elaboration. So the “triangle of evil” should be destroyed. Erdogan uses this name to refer to what he sees as the disadvantageous interrelationships between interest rates, inflation and exchange rates.
Turkey is suffering economically from a currency collapse and high inflation. In the fight against this, the central bank under its new boss Naci Agbal raised the key rate again on Thursday, by two full points to 17 percent. Erdogan repeatedly describes the economic problems as the result of targeted foreign attacks on the domestic economy.
He wants to present the proposed reforms to parliament “as soon as possible”, as he has now announced. “We are not carrying out the democratic reforms because someone is forcing us to do so, but because our people deserve them,” the president underlined.
