Briefing on Turkey’s return to economic growth

The Turkish government’s efforts to restore stability have been rewarded with a return to economic growth but dangers remain over the long-term.   

  • After coming close to a crisis at the end of 2016, the Turkish economy has shown its resilience, posting strong growth figures over the last two quarters despite facing a variety of challenges.
  • The economic upswing is welcome news for the government, which has worked hard to stimulate the economy through a series of innovative measures.
  • However, the Turkish economy’s continued dependence on volatile foreign investment leaves it vulnerable to political and international factors, several of which are outside the government’s control.

The Turkish economy has confounded expectations with a return to strong growth. Figures released last week by Turkstat, the government statistics agency, put GDP growth at 5% in the first three months of 2017. The trend represents a remarkable turnaround in the fortunes of the Turkish economy which ended 2016 on the brink of crisis with the Turkish lira collapsing against the dollar…

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Photo credit: British Embassy Ankara

22 June 2017