Liraverfall, recession, and now also record levels of unemployment. Turkey is in a severe economic crisis. Finally, the unemployment rate rose to 14.7 percent.
The Turkish economy is in crisis. The economic weakness is now also on the job market is noticeable. Between December and February the unemployment rate rose to 14.7 percent, the highest since ten years. The youth unemployment rate rose to 26.7 percent, the highest level since the beginning of the data record in 2005.
the end of 2018, shrank the Turkish economy since the financial crisis in 2009. Currently, the country is in a recession. This could drag on according to experts, in the second half of the year.
“It will be worse”
The Turkey-expert Tatha Ghose, Commerzbank provided, however, assumes that the unemployment rate rises to an upturn in the economy in July or August. “It will be worse before it gets better.”
The Turkish economy suffers, especially under the crash of the domestic currency by 30 percent. Background among other things, uncertainties due to diplomatic tensions with the United States.
Both President Recep Tayyip Erdogan as well as his son-in-law and Minister of Finance, Berat Albayrak stated that the Turkey got the worst of the economic problems behind. Albayrak recently announced a number of structural measures to boost the economy.
