Turkey’s Economy Expected to Have Grown Around 20% in 2Q 2021: Finance Minister  

Treasury and Finance Minister for Turkey, Lütfi Elvan, observed on the 25th of June 2021, that the country’s economy is expected to have grown around 20% year-on-year (YoY) in the second quarter of 2021 (2Q 2021). The country should witness higher growth in 2021 than the Government of Turkey’s expectation of 5.8% YoY.

Why it Matters?

The solid growth seen in 2Q 2021 would primarily be owing to the base effect due to an almost 10% YoY contraction in the economy between April to June 2020. Turkey was one of a few countries that grew in 2020, widening 1.8% YoY on the back of a state-lender-led credit boom mid-year. The country saw 7.0% YoY growth in 1Q 2021.

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