By Reuters Staff
1 Min Read
FILE PHOTO: People shop at a local market in Fatih district in Istanbul, Turkey January 13, 2021.REUTERS/Murad Sezer
ISTANBUL (Reuters) - Turkey’s economy likely grew at a 1.2% rate last year, well above a previous estimate of a 5% contraction thanks in part to surprisingly strong growth in the third quarter of 2020, the International Monetary Fund said on Tuesday.
The coronavirus pandemic led to a near 10% GDP contraction in the second quarter of last year before a state-driven credit boom led to 6.7% growth in the third quarter, setting the stage for Turkey’s economy to end the year in positive territory.
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