Turkey's economy drop was smaller than the 10.7 per cent contraction forecast in a survey by Bloomberg and less severe than those experienced in other big emerging markets.. — Reuters pic
The drop was smaller than the 10.7 per cent contraction forecast in a survey by Bloomberg and less severe than those experienced in other big emerging markets. The Turkish economy grew by 4.5 per cent in the first three months of the year as the country fought its way back from a deep economic crisis in 2018.
The central bank has responded by tightening access to credit without raising the main interest rate—a political sore point for Turkish President Recep Tayyip Erdogan.
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