What's behind Turkish economic miracle? - Timur Kuran interviewed in Al-Monitor

“The AKP is doing massive long-term damage to the Turkish economy. Corruption is up, the quality of education has fallen, the courts are massively politicized and people are afraid to speak honestly. This package is a recipe for slow growth at best. If the economy is continuing to grow — albeit slowly — one reason is that sky-high interest rates are drawing in short-term investments. This is not a sustainable strategy. It makes Turkey highly vulnerable to a shock that might cause an outflow of resources. Another factor that works to Turkey’s advantage is that many countries in Turkey’s neighborhood are managed even more poorly than Turkey. Turkey looks relatively secure in relation to Egypt, Iraq, Iran and even Saudi Arabia, to name several major competitors for capital.” - Timur Kuran

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