Turkey / by Alistair Galloway

The Justice and Development Party (AKP) announced that it will introduce a bill to parliament that will include a new constitution and a shift to a presidential system. Turkey announced that it has extended its state of emergency by another three months, and continues to detain suspected PKK sympathisers. Foreign Minister Cavusoglu said that Turkey and Russia have different views on the future of the Syrian government. President Erdogan pledged Turkey’s continued involvement in Syria and Iraq. Turkey and Russia signed an agreement that the construction of a gas pipeline was back on, signalling normalized relations between Ankara and Moscow. Tensions and conflict between the Kurdistan Workers’ Party (PKK) and the Turkish government have continued to rise. Cavusoglu also claimed that Turkey is being targeted by multiple terror groups. The United States (U.S.) government ordered the families of those working at the U.S. Consulate General in Istanbul to depart the area. October marked the second consecutive month that inflation of the Turkish Lira (TRY) has slowed, but many forecast that the inflation rate will climb again before the end of the year. The government’s reaction to the July coup has discouraged foreign investment in Turkey, putting the Turkish economy in danger. Moody’s Investors Service lowered Turkey’s rating to a non-investment grade. Turkish economic growth remained strong when compared to the global average, but it has been slowing over the year, and some projections expect the growth rate to continue to decrease. The value of the Turkish Lira continued to fall, and reached a record low on 17 October.

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