Economics
Another Turkey Boom Unlikely Even If New Government Ends Turmoil
- Conditions around last decade's rapid growth no longer present
- Outflows, private investment slump may be difficult to reverse
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While Turkey’s parliamentary elections on Sunday may yet put an end to the recent political turmoil, these charts suggest that a new government will be unable to restore the country’s economic heyday.
Though many of Turkey’s recent economic woes have been blamed on political uncertainties, the reality is that the economy has been slowing for some time. It grew an average of more than 6 percent a year during the first half of the AK Party’s 12 years in government, but that slowed to about 3 percent in the second half.