Turkish economy grew 1.8 per cent in 2020

ISTANBUL: Turkey’s economy grew by 1.8 per cent overall in 2020, averting a contraction despite the coronavirus pandemic, according to government data released on Monday. In the last quarter, gross domestic product (GDP) expanded year-on-year by a seasonally adjusted 5.9 per cent, the Turkish Statistical Institute said.
It put fourth quarter GDP growth at 1.7 per cent, up from the previous quarter.
Last week, the International Monetary Fund (IMF) forecast Turkey’s GDP growth would reach 6 per cent in 2021.
While the pandemic “inflicted economic toll on Turkey,” the IMF noted that the policy response, “which focused on monetary and credit expansion,” led to a strong rebound.
— dpa