While western businesses reel from the highest inflation experienced in decades, many of their Turkish peers, who face a rate almost 10 times higher, are taking it in their stride.
The country has suffered a succession of crises in recent years, but the economy continues to grow, propped up by a mixture of cheap credit, diversification and savvy corporate management honed during episodes of turmoil in years and decades past.
“It is difficult, but we have faced this in Turkey [before],” said a senior executive at one of the country’s biggest manufacturers. “Somehow we know how to support the customers, the dealer network, to continue operations in a high-inflation environment,” he added, citing how the company had managed to find a sweet spot for pricing that covered its costs without deterring customers.