Erdoğan’s salary $11K Turkish foreign debt $438B

CAIRO – 2 December 2018: Turkish President Recep Tayyip Erdoğan raised his salary this month by 3,776 Turkish lira to be a total of 39,071 Turkish lira (nearly $11,000), at a time when Turkey is suffering a state of economic recession with its foreign debt at $438 billion, Turkish newspaper Zaman said on Monday.

The draft of the 2018 budget showed a raise in total expenses allocated for Erdoğan, which estimated 10.7% in the new fiscal year. This illustrates Erdoğan’s total annual salary ticking up to 780,000 Turkish lira from 639,600 Turkish lira. This matter will be effective as of January 2018.

The political situation in Turkey has affected the country’s economic affairs, as citizens and foreign investors fear investing in Turkey.

Turkey is facing fewer investments and a reduction in tourism, which is considered a deterioration of the country’s economic growth.

Prior to the coup attempt, the economic growth rate stood at around five percent, which was considered an achievement for Turkey at the time. Yet the flow of foreign capital, which is a vital resource for the Turkish economy, was slow.