Turkey’s tourism revenue hit a record $46.3 billion in 2022 even as its trade deficit swelled to more than $109 billion, as a fallout from war in nearby Ukraine brought a surge of Russian arrivals but also drove up energy-import costs. The two milestones for the big emerging market economy came as President Tayyip Erdogan faces a tight election in May, and as he forges on with an unorthodox policy of slashing interest rates to eventually achieve a current account surplus.
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