Turkish growth is decelerating as the value of the national currency, the lira, continues to plummet and inflationary pressure eats into the living standards of the country’s citizens only months before municipal elections are to held across the country in March of next year.

Economic Context

The economy is in technical recession given two consecutive quarters of contraction, a fact that could become deeply problematic for the ruling AKP party, the nationalist-Islamist led by the country’s president, Recep Tayyip Erdogan, which has dominated all aspects of Turkey’s political life for the better part of 16 years.

According to data released on by the Turkish Statistical Institute (TUIK), the Turkish economy grew by only 1.6% in the third quarter, far below the 5.2% registered in the second quarter of the year, or the 7.2% seen from January to March.

 

Full article available: https://www.neweurope.eu/article/turkeys-recession-deepens-ahead-of-local-elections/

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