Turkish Lira Under Pressure While the Economy Sees V Recovery

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The Turkish economy has been growing faster than any European country or America, up 6% in the fourth quarter of last year and up 4.5% in the first quarter of 2020. Data for the second quarter are apparently not out yet with it expected to have been under pressure as for all other economies. However, the Istanbul Chamber of Commerce said on Monday “the Turkish economy has recorded a V-shaped recovery in terms of economic activity.” Exports are up to $15 billion in July, an increase of 11.5% month on month, but a decrease over last July of 5.8% while imports fell over last year by 7.7% to $17.8 billion for the month. They trying to close the gap between exports and imports with the Turkish Statistical Institute stating manufacturing rose by 7.95% annually. The Turkish economy was growing by as much as 12% in the second quarter of 2017…

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