Causes of the recent Turkish financial and economic crisis

Explain the causes of the recent Turkish financial and economic crisis that started in 2018. What effect did it have on 1) the Turkish economy and 2) the global economy?

Causes of the recent Turkish financial and economic crisis

Firstly, Explain the causes of the recent Turkish financial and economic crisis that started in 2018.

Secondly, What effect did it have on 1) the Turkish economy and 2) the global economy?

Thirdly, What kind of fiscal and monetary policies were implemented by Turkey?

Fourthly, What are the challenges that remain for the Turkish economy?

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More details;

What caused Turkey economic crisis?
The crisis was caused by the Turkish economy’s excessive current account deficit and large amounts of private foreign-currency denominated debt, in combination with President Recep Tayyip Erdoğan’s increasing authoritarianism and his unorthodox ideas about interest rate policy.

Why is inflation so high in Turkey?
Currency depreciation has been a key factor behind Turkey’s inflationary pressures but other issues, including concerns over the central bank’s independence and a diplomatic crisis with the U.S., fueled those losses.

What is going on in Turkey economy?
Turkey’s currency remains battered, while its foreign debts remain vast. Inflation and joblessness are alarmingly high. Economic growth is minimal, and anxiety considerable amid the sense that more trouble lies ahead. This is playing out as Turkey contends with political uncertainty after the shocking rebuke of Mr.