wiiw Forecast Reports

TURKEY: The slowdown has arrived

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Richard Grieveson

in: Bracing for the Winter
wiiw Forecast Report No. Autumn 2022, October 2022 , pp. 146-149

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After a strong first half year, driven by reopening effects and a boom in tourism, the economy looks set for a much bleaker winter. The boosts to external competitiveness that resulted from the weak lira were short lived and soon erased by inflation, while the main benefits of the rebound in tourism have already been reaped. The extremely high inflation is sharply reducing purchasing power and is putting pressure on industry. Risks are weighted to the downside, including the potential for domestic political noise ahead of the election, rising US interest rates and the geopolitical backdrop.

 

Reference to wiiw databases: wiiw Annual Database, wiiw Monthly Database

Countries covered: Turkey


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