Economics
Turkish Economy Hits Grim Milestones That Show Pandemic Toll
A shopper receives sanitizer hand gel from a municipal worker before shopping at the Fatih outdoor food market in Istanbul, Turkey.
Photographer: Kerem Uzel/BloombergThis article is for subscribers only.
The costs of containing the coronavirus outbreak are starting to add up for Turkey, while keeping demand so weak that inflation remains bottled up despite months of declines in the currency.
A gauge of manufacturing last month had its sharpest drop since the global financial crisis, a consequence of the disruptions caused by Turkey’s measures to keep the pandemic in check. Exports and imports also plummeted in April, with consumer inflation reaching its slowest in five months.