Turkey’s current economic situation is dire. The country is heavily indebted to international investors — to the tune of $451 billion, according to the latest data.1 The short-term external national debt is $185.3 billion.2 Due to high energy and commodity prices, exacerbated by Russia’s invasion of Ukraine in late February 2022, Turkey has a persistent current account deficit, although depreciation of the local currency has not reduced this. This means the higher cost of imported goods has not curbed demand sufficiently and the lower cost of the Turkish labor force has not provided domestic industry with enough of a competitive advantage to improve the current account deficit.
https://www.mei.edu/publications/turkish-economy-under-presidential-system
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