In 2013, Turkey’s GDP per capita reached an all time high of $12,600, but as of 2021 stands at just $9,100. The impressive development of the early 21st century now looks like an inflated bubble, which has burst to leave many with disappointed hopes of a better life. Compounded by the pandemic, economic pressures are forcing many Turkish people into very visible poverty.
In some ways, Turkey’s economy has been a victim of its own success. As incomes grew, demand for consumer goods also grew, and Turkey does not manufacture a lot of those. So imports began to increase faster than exports, and Turkey’s balance of payments deficit grew, undermining the currency and leading to inflation.
Turkey’s government prioritised…