How could tragic earthquake affect Turkey’s economy coping with difficulties?

Since Turkey has been governed with policy-oriented preferences since 2017, the economy has unfortunately reached a major impasse. This is stated by the most reliable impartial experts. Experts and even citizens who are especially interested in the field of economics know that the hostile approach of Turkey’s President against interest and the stubbornness to persistently reduce interest rates have become one of the important causes of inflation, which is currently the biggest problem for the citizens as well as the country.

On the other hand, in 2023, which is the election year, many economic facilities / tools at the state’s disposal were irresponsibly used by the ruling government to hand out concessions / favors to the voters, and this was already the picture Turkey was in at the time the devastating earthquake shook the country deeply.

Many experts note the state has been refuted in the hands of a power with an approach of differentiating such as “us and them” and cannot be a panacea for the problem.

At the point reached today after the earthquake, it is very difficult to make predictions or make ideas about what Turkey and the Turkish economy will experience next. It is necessary to think about every possibility in order to predict what will happen in politics, especially in the elections, and how the political picture will develop.

Undoubtedly, developments in politics will also closely affect the economy. For example, a change of power in elections which seems quite likely at the moment can change a lot.

The abandonment of the policies that have led our economy to a dead end and the launch of a coherent breakthrough project for the reconstruction of earthquake zones can enable Turkey to find outsourcing much higher than expected. On the one hand, this situation may contribute to the solution of the country’s chronic currency problem, and on the other hand, it may bring about a revival in different sectors, as well.

The question is what could happen in case the contrary realizes and the party in power which has brought the economy and the country to this point postpones the elections, a practice only applicable in case of war, as imposed by the constitution. The answer to this question is not very predictable and promising, as evaluated by many experts and opinion leaders judging on the performance of the ruling power so far and to be more important the current picture the economy is in today.

SOURCE: ekonomim.com/kose-yazisi/deprem-cikmazdaki-ekonomiyi-nasil-etkiler/682910
(Edited and translated)