Living in Turkey has spiraled into a nightmare as relentless inflation and soaring prices transform daily essentials into unattainable luxuries. Families are pushed to their breaking point, with many unable to afford basic needs. The dream of a prosperous life in Turkey is rapidly becoming a distant memory, leaving citizens in despair.
Housing costs have skyrocketed, with average home prices in Istanbul soaring from 440,000 Lira in 2018 to over 2 million Lira in 2022. Rent for a one-bedroom apartment now consumes an entire monthly salary, forcing even former central bank officials to move back in with their parents.
The situation is dire. Nearly half of all Turkish citizens reported a declining quality of life in 2021, with six out of ten unable to afford food. Long lines for free bread are becoming the norm as bakeries face bankruptcy.
The youth are fleeing the country in droves, with three-quarters planning to leave soon. Economic instability and a lack of opportunities are driving away the nation’s brightest minds, further jeopardizing Turkey’s future.
Government attempts to stabilize the economy, including rent caps and energy subsidies, have failed to yield results. The root cause lies in President Erdogan’s unorthodox economic theories, which have led to a chaotic financial landscape.
Erdogan’s administration, once celebrated for restoring investor confidence in the early 2000s, now faces criticism for its erratic policies. The president’s insistence on keeping interest rates low has exacerbated inflation, causing the Turkish Lira to plummet and prices to soar.
The aftermath of recent earthquakes has only worsened the crisis, with over 700,000 homes destroyed and reconstruction costs soaring to 88 billion Lira. Many citizens are left living in makeshift housing, compounding the already unbearable economic strain.
Foreign investors are losing faith, with over half of firms citing political instability and a lack of skilled workers as major concerns. This creates a vicious cycle, as the departure of talent discourages investment, further crippling the economy.
As Turkey grapples with this unprecedented crisis, the dream of a stable and prosperous future hangs by a thread. Citizens are left wondering if hope can be restored or if they are trapped in a relentless battle for survival. The time for action is now, as millions face an uncertain future in a country once seen as a rising star.