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Turkish Business Group Says Erdogan’s Economic Model Is Failing

  • Tusiad speaks up against government’s new economic model
  • The statement’s tone shows Tusiad is wary of angering Erdogan
Turkish Economy as Lira Leads Currency Gains Amid Tourism Boost
Photographer: Moe Zoyari/Bloomberg

A major Turkish business association called on President Recep Tayyip Erdogan’s government to abandon its current economic policies, citing recent market turmoil as proof that the experimental model is bound to fail. 

A series of interest rate cuts by Turkey’s central bank have weakened the lira and spurred a strong demand for hard currency, destabilizing the entire economy, the group, Tusiad, said in a statement on Saturday.