Turkish Economy: The Good, the Bad and the Ugly
- Turkish economy is staging a robust recovery according to June-July data, parallel to the rest of the world.
- It is important to separate trends from Covid-19 related “normalization”.
- The good news comes from the external account. Driven by exports current account deficits are narrowing sharply.
- Bad news is twofold: Unemployment and inflation are extremely sticky at very high levels.
- “The Ugly” is official stats agency Turkstat which constantly fiddles with data. Unemployment and inflation could be worse than the numbers suggest.
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