Turkish President Recep Tayyip Erdogan’s effort to blame Trump administration sanctions for that country’s recent economic woes is off-base and ignores years of missteps and miscalculations that set the stage for the current crisis, according to experts. “Turkey’s economic downturn has long been in the making. The latest tailspin is a result of structural problems that economists have warned about for years,” said Aykan Erdemir, Senior Fellow at the Foundation for Defense of Democracies. Erdemir said the problems can be traced back as far as 2009, when Erdogan issued a decree easing Turkish companies’ access to foreign-exchange loans that led to $340 billion in foreign liability. And most of that money, Erdemir said, went into conspicuous consumption and lavish real estate projects typical of Erdogan’s “crony-capitalist model,” which thrived for a decade but “is now going through a hard landing.” Relations between the NATO allies is said to be at an all-time low. (File) Dennis Santiago, a global risk and financial analyst, agreed that “the seeds of Turkey’s economic woes were planted long before Turkey, along with all other nations, felt the pressure of President Trump’s agenda to rebalance tariffs.” “Turkey went on a foreign investment borrowing spree to buoy its ‘emerging market’ economy. It’s foreign debt exposure is high compared to other emerging economies,” Santiago explained. “The aggressive policy resulted in rapid domestic growth for the Turks in recent years. However, like all such strategies, these are artificial ‘bubble growth’ strategies that inevitably hit a plateau.?
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