 Complete the following phrase:  A longstanding characteristic of Turkeys economy is a low savings rate. Since Recep Tayyip Erdoğan assumed control of the government, Turkey has been running huge and growing current account deficits, 33.1 billion in 2016 and 47.3 billion in 2017, climbing to US7.1 billion in the month of January 2018 with the rolling 12-month deficit rising to 51.6 billion, one of the largest current account deficits in the world. The economy has relied on capital inflows to fund private-sector excess, with Turkeys banks and big firms borrowing heavily, often in foreign currencies. Under these conditions, Turkey must find approximately 200 billion a year to fund its wide current account deficit and maturing debt, while being always at risk of inflows drying up; the state has gross foreign currency reserves of just 85 billion. The economic policy underlying these trends had increasingly been micro-managed by Erdoğan since the election of his Justice and Development Party AKP in 2002, and strongly so since 2008, with a focus on the construction industry, state-awarded contracts and stimulus measures. Although, research and development expenditure of the country  of GDP and the government expenditure on education  of GDP are nearly doubled during AKP governments, the desired outcomes could not be achieved The motive for these policies have been described as Erdoğan losing faith in Western-style capitalism since the 2008 ficial crisis by the secretary general of the main Turkish business association, TUSIAD. Although not directly related in the conflict, the 