Factbox: Erdogan's risky 'experiment' to heal Turkey's economy

Turkish President Tayyip Erdogan addresses his supporters during a ceremony in Istanbul, Turkey, November 5, 2021. REUTERS/Umit Bektas

ISTANBUL, Nov 23 (Reuters) – President Tayyip Erdogan has set Turkey’s $720-billion economy on a risky new path of aggressive interest rate cuts that he says will boost jobs, exports and growth and paradoxically stem soaring inflation and a currency meltdown.

Erdogan orchestrated the policy shift as his opinion polls slide ahead of elections due by mid-2023. Economists have ridiculed the “experiment” as reckless and a recipe for eroding Turks’ earnings and savings, given the resulting market crash.

Here are the main elements of the strategy that has taken shape in speeches and policy decisions since September:

EMPHASIZE EXPORTS AND BALANCE THE CURRENT ACCOUNT

The central bank, under…