The Turkish economy shrank 13.8% in the first quarter year-over-year, as tax revenue receded because of a 23% fall in industrial production and rising unemployment, writes Joe Parkinson for The Wall Street Journal. Turkey’s GDP is projected to drop 10% this year.
Economists think Turkey may not need to ask for assistance from the IMF after a successful round of government bond auctions. Another sign of optimism for the Turkish economy came as Germany and France, the two largest export markets for Turkey in the eurozone, have returned to growth.
- iShares MSCI Turkey Invest Mkt Index (TUR): up 83.9% year-to-date
For more information on Turkey, visit our Turkey category.
Max Chen contributed to this article.
