Turkey emerges with ‘Pyrrhic growth’ from pandemic-hit 2020
Turkey’s economy grew 1.8% last year despite the pandemic, but not without major risks and downsides, including a smaller GDP in terms of dollars.
Turkey’s statistics agency announced Monday that the Turkish economy grew 1.8% in 2020 despite the COVID-19 pandemic, beating all forecasts and estimates, including Ankara’s own. The positive growth rate, however, came at the expense of major fragilities that continue to haunt the economy, as evidenced by the fact that the country’s gross domestic product (GDP) has actually decreased in terms of dollars.
In a revised economic program announced in September, President Recep Tayyip Erdogan’s government had projected the economy would grow 0.3% in 2020, while others, including international bodies such as the Organization for Economic Cooperation and Development and the International Monetary Fund, had anticipated a contraction of up to 5%.
