Turkey's GDP declined in the fourth quarter by 2.4%, taking into account seasonal fluctuations, official data showed. The index coincided with the forecasts of economists. In the previous quarter, the decline in GDP was 1.1%. Thus, the decline of the Turkish economy for two quarters in a row indicates a state of technical recession, which is observed in the country for the first time in a decade. Compared to the last quarter of 2017, the Turkish economy contracted by 3%, which was recorded for the first time in more than 2 years. In the previous quarter, GDP grew by 1.8%. The statistical report for 2018 showed, nevertheless, economic growth by 2.6%, while in 2017, GDP increased by 7.4%. Analysts expect a further decline in the Turkish economy during the first half of the year.
Reserve Bank of India slashes interest rates in urgent bid to bolster virus-hit economy27.03.2020
Fed balance sheet rises $5 trillion for the first time since financial crisis26.03.2020
Singapore prepares for recession as virus-hit economy drops in first quarter20.03.2020
World economy suffers in recession due to COVID-19 havoc- economists