İSTANBUL, TUKEY — The Turkish economy has fallen into recession for the first time in a decade, according to data released on Monday. The timing could not be worse for President Recep Tayyip Erdogan with critical local elections scheduled for the end of the month.
According to state figures, the gross domestic product shrank by 2.4 percent in the last quarter, a sharper contraction than most predictions. The previous quarter saw a 1.6 percent decline, heralding two successive quarters of falling growth — the definition of a recession.
The Turkish economy is still reeling from the aftermath of last year's currency collapse, triggered by U.S. President Donald Trump hitting Ankara with sanctions over the detention in Turkey of American pastor Andrew Brunson, who has since been released.
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