Turkish President Erdogan visits Gulf Arab states, seeking funds for ailing economy
1 year, 5 months ago

Turkish President Erdogan visits Gulf Arab states, seeking funds for ailing economy

Associated Press  

ISTANBUL — Turkish President Recep Tayyip Erdogan traveled to Saudi Arabia on Monday in a three-stop tour of Persian Gulf states to seek trade and investment opportunities for Turkey’s floundering economy. Turkey’s current account deficit reached record levels this year – $37.7 billion in the first five months — and Erdogan is hoping the oil- and gas-rich Gulf states will help plug the gap. Last month the Turkish central bank delivered a large interest rate hike, signaling a shift toward more conventional economic policies following criticism that Erdogan’s low-rate approach had made a cost-of-living crisis worse. Erdogan visited both Saudi Crown Prince Mohammed — the country’s de-facto ruler — and Emirati President Mohammed bin Zayed Al Nahyan last year, while the latter came to Istanbul for soccer’s Champions League final a month ago.

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