Turkey Faces Economic Struggle as Policies Tighten to Fight Persistent Inflation

Turkey expected to tighten monetary and fiscal policies after March elections to fight high inflation, leading to more economic pain
Consumers distrustful that inflation will fall rapidly and are panic buying goods and borrowing heavily
Central bank tightened rates dramatically but more hikes may be needed to curb inflation and demand
Turkish lira dropped to new lows recently, testing Erdogan's commitment to address inflation
Most forecasts see inflation remaining high in near-term due to strong domestic demand, base effects; relief expected later