2021 may be Turkey’s IMF rescue year, Yeşilada and Atabay say

 

 

Turkey may be forced into a new loan programme with the International Monetary Fund in 2021 after thirteen years plotting its own course for the economy, said local economists Güldem Atabay and Atilla Yeşilada.

 

The Turkish central bank has set the foundations for a possible reversal in Turkey’s financial fortunes after a tumultuous 2020, which saw the lira slump to successive record lows against the dollar and bad debt surge. But the country now needs a wholesale change in its economic management that the government will not be able to accomplish alone, Atabay and Yeşilada said.

 

The core of Turkey’s problems lies in lack of confidence in the government among ordinary Turks, who continue to hoard foreign currency, they said.

 

Atabay and Yeşilada made the comments in a discussion on the economy with journalist and analyst Mark Bentley for podcast ‘Front Seat’.

 

 

 

 

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Published By: Atilla Yeşilada

GlobalSource Partners’ Turkey Country Analyst Atilla Yesilada is the country’s leading political analyst and commentator. He is known throughout the finance and political science world for his thorough and outspoken coverage of Turkey’s political and financial developments. In addition to his extensive writing schedule, he is often called upon to provide his political expertise on major radio and television channels. Based in Istanbul, Atilla is co-founder of the information platform Istanbul Analytics and is one of GlobalSource’s local partners in Turkey. In addition to his consulting work and speaking engagements throughout the US, Europe and the Middle East, he writes regular columns for Turkey’s leading financial websites VATAN and www.paraanaliz.com and has contributed to the financial daily Referans and the liberal daily Radikal.