Turkish economy falls further with President Erdogan's policy choices

The Turkish lira sank to an all-time low against the dollar last week. The lira shed 30 per cent of its value in November alone, having lost nearly half its value since the start of the year. Inflation in the country is out of control -- reaching over 21 per cent last month, according to Spectator magazine.

Further, the lines in front of Turkish grocery stores and petrol stations have gradually transformed into protests, with many demanding Erdogan's resignations.

With the 2023 election on the horizon, the Turkish masses are realizing that their survival depends on the President changing his mind -- or changing their increasingly unhinged President, according to Spectator magazine.

On the other hand, those bearing the brunt of Erdogan's economic proclivities are Turkey's poorest including small businesses and farmers -- reliant on increasingly expensive raw materials to produce their goods.

Further, many farmers have already been affected by recent droughts, abandoning their lands and defaulting on their loans, according to Spectator magazine.

Also, the Turkish central bank, meanwhile, is busy cutting interest rates -- by 4 per cent since the start of September. Turkey's war on fundamental economics is led President Recep Tayyip Erdogan. He has vowed to 'protect' Turkey from admittedly high interest rates, now at 15 per cent, saying that 'God willing, we will not return to this path. (ANI)