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Turkish recession predicted as people avoid shopping, driving cars

TURKEY
  • Many Turks are avoiding non-essential shopping and driving their cars, giving weight to predictions that the country is entering a sharp economic downturn.
  • Highways and stores have become noticeably quieter after inflation surged to the highest levels since 2002 last month, making borrowing more difficult, and COVID-19 cases spiked in January.
  • “Despite discounts in shopping malls and street stores, shopping has decreased significantly,” said Sinan Öncel, head of the United Brands Association (BMD). The number of tourists purchasing goods had also dropped sharply, he said.
  • “It seems that the declines in question will become much deeper in the coming period,” Öncel said. Notes Turkish retailers normally saw a drop off in trade during January, but the declines are far more pronounced this time round.
  • A jump in petrol prices meant many Turks were only using their cars for essential tasks. Traffic density halved to around 40% on Saturday from as high as 80% in some weeks. Data published by the Istanbul municipality showed a significant decline in congestion
  • Some commentators are now saying that Turkey’s economic troubles may mean that Erdogan may even push for early elections in 2022 vs the prior date in June 2023 - Dünya news
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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