Özet:

The Turkish economy faced a currency crisis in the middle of 2018, the economy has begun to slow down, inflation has increased rapidly and the problems in debt payments have started to concentrate. In this article, these developments will be suggested as a structural crisis of the construction-oriented growth model based on the external capital entries that dominate the Turkish economy in the 2000s, and after the structure of the Turkish economy depending on the external capital entries, the debt increase and the construction-oriented growth preferences will be examined. With the increase in foreign capital entries over the 2000s, the economy has increased its vulnerability to sudden positions or outputs. The increase in the total external debt of the private sector has made both the banking sector and non-financial enterprises vulnerable to the currency rates, while the increase in domestic debt rates has also led to the economic growth being highly sensitive to the changes in the interest rates and credit expansion. The long-term valuable appearance of the Turkish lira has led to the growth in the 2000s, increasing the use of import intermediate goods in production, with high currency disadvantages. Thus, the building-oriented growth model, based on external capital input, based on increased debt, creates economic growth when internal and external conditions are positive, while in time it has increased economic vulnerabilities and prepared the ground for economic instability. The main determiner of the course of the economy after the currency and debt crisis that arises under these conditions will be the developments in the global liquidity conditions.