Economics
Pandemic Binge Likely Spurred Turkey to Top of Growth League
- Data due Monday to show 6.9% expansion, Bloomberg survey says
- Policy undermined the lira and ensured double-digit inflation
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Turkey’s $736 billion economy outperformed major competitors in the final quarter, as rate cuts and a spending-and-credit binge beat back pandemic restrictions even as the lira collapsed, data will likely show Monday.
Gross domestic product probably rose 6.9% from a year earlier, according to the median of 20 forecasts in a Bloomberg survey, more than in any other G-20 nation, including China. The growth push weakened the currency by 20% in 2020 and kept headline inflation in double digits for the entire year.