Turkish economy sees turbulence in 2020 amid COVID-19, management reshuffle Source: Xinhua|
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ISTANBUL, Dec. 29 (Xinhua) The year of 2020 has been a difficult and turbulent one for Turkey as the COVID-19 pandemic and dramatic changes in the economic leadership sent shockwaves through all sectors of the industry and economy, experts said.
The nation was just recovering from the 2018 currency meltdown when the coronavirus arrived in March. The impact of the lockdown measures and restrictions started to be felt when the Turkish economy registered a staggering contraction of 9.9 percent in the second quarter.
Moreover, the Turkish currency also continued to depreciate and lost 30 percent of its value against the U.S. dollar since the start of the year.