Page 16 - Turkey Outlook 2022
P. 16
manufacturing companies.
4.5 Drought
Outlook Turkey 2021: “Turkey is also facing severe drought. In western and
central parts of Turkey, rainfall decreased nearly 50% y/y in November.”
The number of sinkholes in the Konya Plain during 2021 increased from 600 to
2,000.
5.0 Fiscal policy outlook
A black hole
Outlook Turkey 2021: “If Turkey were to launch a serious process to reverse
what is a decade of institutional collapse, it would require at least five years of
earnest and sincere efforts to get somewhere.
“Restoring the $130bn of international reserves burnt up by the previous
economic team led by Erdogan’s son-in-law finance minister Berat Albayrak in
an incompetent attempt at defending the lira would require at least 10 years.
“Addressing the financial mess and burden created by Turkey’s mass of public
private partnership (PPP) projects would also take at least 10 years.”
It is amusing and awful at the same time to recall that there was a “reform”
story circulating on the markets at the end of 2020, while this publication was
desperately repeating: “Erdogan need do no more to prove that he is a
destructive, not a constructive, force.”
16 Turkey Outlook 2022 www.intellinews.com
