New data showed that the Turkish economy contracted by 1.5 percent year on year in the second quarter of this year, reinforcing doubts about its recovery, especially after the Turkish lira lost 30 percent of its value last year, according to Sky News.
The turmoil in Turkey's economy over the past three years has been compounded by rising inflation and rising interest rates as domestic demand fell sharply amid a general recession.
Turkey continues to suffer from the loss of confidence of consumers, companies and local and international investors in the quality of economic policies, predictability and the credibility of market institutions. On the other hand, international economic organizations lowered their projections for the growth of the Turkish economy in 2020 from 3.2 to 1.6 percent.
The currency crisis last year caused the lira to lose about 30 percent of its value against the dollar, pushing the economy into recession, as the Turkish currency continues to fall in 2019.
Turkey entered a recession early this year for the first time since 2009, according to data published in March, amid a contraction in GDP by 3%.