Goldman Sachs sees Turkey's inflation going above 40% for most of coming year.
"We've seen time and time again, particularly in emerging markets — foreign investors sell the currency, local investors sell the currency when they think interest rate policy has gone a bit wacky," Christopher Payne, chief economist at Dubai-based Peninsula Real Estate Management, told CNBC on Tuesday. "The result of a collapsing currency is inflation. And there's really no way to escape that.
"Closing yourself off to the outside world, and imposing capital controls, is not something Turkey is going to do as an exporting economy," Payne said, referencing measures that some emerging economies have imposed in similar situations. "There's no getting away from the fact of economics on this one," he said. "Whether President Erdogan will change his mind — or how he will change his mind and prove that he was right all along — is the interesting thing we'll be watching."
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