Turkey faces risk of becoming Argentina: Economist Barış Soydan's credit card warning ahead of March 31

Economist Barış Soydan pointed to the period following the March 31 local elections and called on citizens to pay off their credit card debts. 

CREDIT CARD WARNING

Soydan said, "Those thinking of purchasing items such as durable consumer goods would benefit from acting without delay. It is important to pay off credit card debts if possible."

Soydan emphasized that price increases are expected in many areas after the elections, particularly in natural gas and electricity.

Soydan stated, "Turkey is experiencing one of the highest inflation rates in the world. Poverty is increasing and there are serious imbalances in income distribution. Despite economic growth, this growth is not reflected in the public's standard of living. Injustice and inequality are among the major problems."

ARGENTINA WARNING

Saying, "There is a risk of Turkey turning into Argentina," Soydan added, "If major economic reforms are not implemented or if the flow of hot money is cut off, Turkey's future could be worrying."

Stating that there are expectations of price hikes in items such as natural gas and electricity, Soydan listed his recommendations as follows:

"It is important for those thinking of buying durable consumer goods to hurry. It is necessary to pay off credit card debts. I think housing and automobile prices will lag behind inflation. It might be more logical for those thinking of buying a car to wait for a while."