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Turkey has officially entered a recession, marking a concerning milestone for the nation. As evidenced by GDP data, the Turkish economy experienced two consecutive quarters of negative growth, with a recorded decline of 0.2% in both the second and third quarters of 2024. This downturn underscores the gravity of the situation; Turkey, which has long been characterized by steady growth, is now confronted with shrinking economic output.
This recession comes at a time when Turkey's GDP growth rate of 2.1% for the third quarter of 2024 is the lowest it has been in three years. Sustained economic growth is vital for Turkey, particularly in rebuilding investor confidence and stimulating various sectors essential for long-term stability.