Restaurants Sit Half-Empty in Turkey as Inflation Reaches 91%, Tourists and Locals Flock to Neighboring Greece
The once-thriving restaurant scene in Turkey is now facing a crisis, with many establishments sitting half-empty as the country’s inflation rate soars to a staggering 91%. The economic downturn has sent tourists and locals alike fleeing to neighboring Greece, where prices are relatively more stable.
The Turkish lira has lost significant value against the US dollar and euro, making it increasingly difficult for restaurants to maintain profitability. With prices rising exponentially, many consumers are opting to stay at home or travel to Greece, where the cost of living is lower.
"I used to come to this restaurant every week with my friends, but now it’s just too expensive," said Emre, a local resident who now frequents a Greek restaurant in Istanbul. "The prices have gone up so much that it’s not worth it. We’re going to Greece instead, where we can get a good meal for a fraction of the cost."
The situation is particularly dire in popular tourist destinations like Istanbul and Antalya, where restaurants are struggling to attract customers. Many establishments are being forced to reduce their staff, cut back on menu options, or even close their doors altogether.
"It’s a disaster," said Ali, the owner of a popular restaurant in Istanbul’s historic Sultanahmet district. "We used to be busy every night, but now we’re lucky if we get 10 customers. We’ve had to lay off half of our staff and reduce our menu to just a few options. It’s heartbreaking to see our business decline like this."
The economic crisis in Turkey is not limited to the restaurant industry. The country’s inflation rate has been rising steadily over the past year, fueled by a combination of factors including a decline in the value of the lira, high government spending, and a surge in imports.
The Turkish government has implemented several measures to try to stabilize the economy, including raising interest rates and imposing price controls. However, these efforts have had limited success, and the country’s economic woes continue to worsen.
In the meantime, Greece is reaping the benefits of Turkey’s economic downturn. The country’s tourism industry is booming, with many Turkish tourists flocking to Greece in search of better deals and more affordable prices.
"Greece is a much more attractive option for tourists right now," said Maria, a Greek restaurateur in Athens. "We’re seeing a huge increase in Turkish visitors, and our restaurants are busier than ever. It’s a great opportunity for us to capitalize on Turkey’s economic crisis."
As the economic situation in Turkey continues to deteriorate, it remains to be seen how long it will take for the country’s restaurant industry to recover. In the meantime, many establishments are struggling to stay afloat, and the country’s tourism industry is suffering as a result.