Turkey’s economy powered ahead of most of its peers in Q3, but soaring inflation and a currency crisis could pose a threat to that recovery.
By Selcan HacaogluBloomberg
Published On 30 Nov 2021
Turkey’s economy zoomed ahead of most peers to expand 7.4% in the third quarter, but soaring inflation and a slump in the lira mean the surge could be short-lived.
Growth during the three months through September matched the median forecast among nine economists surveyed by Bloomberg. The seasonally and working day-adjusted figures showed an expansion of 2.7% in the last quarter from the previous three months, when gross domestic product surged 22% as the economy bounced back from the worst phase of the pandemic.
The lira weakened after the data release, trading 0.5% lower at 12.8884 against the dollar at 11:47 a.m. in Istanbul. The currency has hit a series of record lows in recent weeks as the central bank has embarked on a cycle of…