Turkish President Tayyip Erdogan's economic measures may have frightened off foreign investors in what was once a darling of emerging markets
ISTANBUL - A run on the lira proved a pivotal moment for Turkey’s financial markets in 2018, prompting action from Ankara that has tilted the economy inward and frightened off foreign investors.
But the impact on investment in what was once a darling of emerging markets has been dramatic. The World Bank estimates that net foreign direct investment, which fell 30% last year, will not regain 2018 levels until after 2021. Overseas investors have largely steered clear of Turkey’s sovereign bonds, despite a once-in-a-decade rally since May, while some players are reconsidering their strategies.
Turkey’s Treasury and its central bank each declined to comment. Erdogan’s office was not available to comment.
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