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Turkish economy shrank 13.8 percent in Q1

Turkish economy shrank 13.8 percent in Q1

Turkey's economy shrank by a painful 13.8 percent in the first quarter compared to the same quarter a year ago as foreign trade contracted sharply amid the global recession, the Turkish Statistics Institute announced on Tuesday.
The government did not provide an explanation but the hardest hit was trade with tatistics showing a 25.4 percent contraction in the first quarter, with both exports and orders down.
Turkey has been unable to reach an agreement with the International Monetary Fund for several months for a new loan deal to alleviate the impact of the global financial crisis on its government finances. New talks with the IMF began in January but differences over the conditions attached to the loan limited any progress. Turkey is reportedly eyeing a three-year loan deal of around $40 billion.
The government has said the economy is expected to continue contracting and shrink by 3.6 percent in 2009, sharply revising its earlier prediction of 4 percent growth. But analysts now say the economy is likely to contract more than 5 percent by the end of the year.


Updated : 2021-05-09 14:09 GMT+08:00