SEU International Economics The Recent Currency Crisis in Turkey Essay

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Economics

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1. Discuss the causes of the recent currency crisis in Turkey. What are the implications for the Turkish economy and the global economy? What should be the role of the Turkish Central Bank for stable currency?

  • Embed course material concepts, principles, and theories, which require supporting citations along with at least one scholarly, peer-reviewed reference in supporting your answer unless the discussion calls for more. Keep in mind that these scholarly references can be found in the Saudi Digital Library by conducting an advanced search specific to scholarly references.
  • Use Saudi Electronic University academic writing standards and APA style guideline

2. Discuss the causes of the recent currency crisis in Turkey. What are the implications for the Turkish economy and the global economy? What should be the role of the Turkish Central Bank for stable currency?

  • Embed course material concepts, principles, and theories, which require supporting citations along with at least one scholarly, peer-reviewed reference in supporting your answer unless the discussion calls for more. Keep in mind that these scholarly references can be found in the Saudi Digital Library by conducting an advanced search specific to scholarly references.
  • Use Saudi Electronic University academic writing standards and APA style guidelines.

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Explanation & Answer

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The recent currency crisis in Turkey
Turkey is facing the worst currency crisis in its history since its liberation. There are
multiple causes for this currency crisis. The most prominent causes are high fiscal deficit is
almost 3.5% of its GDP. Although Turkey’s economy is growing, it is based on foreign debts
taken each year. Due to policies of the Turkey's President Recep Tayyip Erdoğan, investors are
hesitating to invest in Turkey’s economy. Adding to the fact that foreign currency reserves are
depleting slowly, it spells bad in long run. The economic growth of Turkey is also slow due to
the sanctions on major industries of Turkey i.e., the Aluminum and Steel industry.
Turkey’s economy is the 17th biggest economy globally. Although it is sustained by
foreign debts, it does play a major role globally. The biggest effe...


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