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Global downturn 'way worse' than financial crisis: IMF

TURKEY BECOMES THE WORLD CHAMPION IN GROWTH

The Turkish economy grew beyond expectations with 6.7% in the third quarter. Ranked first upon this rate, Turkey is followed by China with a 4.9% growth.

The economic recovery was officially confirmed in the third quarter. The Turkish economy, which had paused its growing performance due to the pandemic, recovered itself and grew at 6.7% in the third quarter and was ranked first within 54 countries for which the third-quarter data has been announced until now.

Turkey has become the only growing country within the OECD countries. While the OECD countries shrank 4.1% on a yearly basis in the relevant period, the economic shrinkage was calculated as 4.3% for the European Union and 4.4% for the Euro region.

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China, where COVID-19 incidents started to occur and which is not an OECD member, grew 4.9% in the third quarter and was ranked second following Turkey. “Country of gambling”, Macau, known as the Las Vegas of China, was exposed to the highest shrinkage with 63.8%.

The Turkish economy grew 4.5% in the first quarter and shrank 9.9% in the second quarter. Around 5% of growth was expected in markets for the third quarter.

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