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Turkey's Fragile Economy Faces a Blowback

Oct 9, 2019 | 22:34 GMT
Turkish Treasury and Finance Minister Berat Albayrak speaks during the launch of Turkey's New Economic Program for 2020-2022 in Ankara on Sept. 30, 2019.

Turkish Treasury and Finance Minister Berat Albayrak speaks during the launch of Turkey's new economic program for 2020-2022 in Ankara on Sept. 30, 2019. Turkey believes it's ready to cope with the economic consequences of its invasion of northeastern Syria.

(EVRIM AYDIN/Anadolu Agency via Getty Images)

For Turkey's economy, the day of reckoning may be near. The White House and U.S. Congress may disagree on Turkey more than ever, yet both the president and a top Republican senator alike have been bellicose in their economic threats to Ankara in recent days, pledging, respectively, "to destroy and obliterate the economy of Turkey" and impose "sanctions from hell" on the country over its invasion of northeastern Syria. After plumbing the depths in summer 2018, Turkey's economy has stabilized somewhat, possibly convincing Ankara that it is prepared to handle whatever comes next. Nevertheless, Turkey's invasion will put its economy at risk amid the threat of U.S. sanctions -- and potentially drive even the European Union to take an economic shot at Ankara itself. All told, Turkey's new venture into Syria against the Kurds means the country is facing a potentially long period of economic pain....

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