Recession in Turkey raises concerns

Recession in Turkey raises concerns

The Turks have become poorer by USD 2,848 in five years

Economists are troubled by the figures on the growth of the Turkish economy. While according to the Turkish Statistical Service the annual growth rate reached 2.6% in 2018, growth in the last two quarters had a negative sign and this is an indication that in 2019 this trend will continue. According to the figures, in the fourth quarter, the Turkish economy shrank by 3%, while in the third quarter it shrank by 1.1%.

Of great concern for the government is also the decrease in the per capita income in Turkey. In 2018, the per capita income reached USD 9632 while in 2013 the per capita income had reached record levels of USD 12480. The big success of the ruling AK Party was the increase in per capita income, which in 2002 was just USD 3581.

Officials express reservations about the municipal elections to be held on March 31 and say it will be interesting to see the influence that the reduction of the Turkish national income will have on the election result.

Inflation in February 2019 reached 19.4%

Turkish Finance Minister Berat Albayrak has argued that “Turkey has left the worst behind and that the economy will see better days”./ibna