Turkey’s economic growth slowed to the weakest pace since the coronavirus crisis four years ago, underscoring how interest rates of 50 per cent are heaping pressure on businesses and households.
GDP increased at an annual rate of 2.5 per cent in the second quarter, Turkey’s statistical institute said on Monday, several percentage points lower than the downwardly revised 5.3 per cent in the first three months of this year.
Turkey’s decelerating growth underscores how policymakers’ programme to cool runaway inflation is exerting an increasingly heavy toll on major sectors across the country’s $1tn economy.
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