Turkiye economy set for post-pandemic low

Trying times: A worker organises tables outside a cafe in Istanbul. The country is trying to slow inflation of almost 50%, which has inflicted a severe cost-of-living crisis on Turks. — Bloomberg

ISTANBUL: Turkiye’s economy probably slowed in the second quarter, with activity set to remain subdued for the rest of the year, as officials seek to put growth on a more sustainable footing by raising interest rates.

Gross domestic product (GDP) likely expanded 3.1% year-on-year, according to the median forecast in a Bloomberg survey of analysts, the weakest level since the Covid-19 pandemic and down from 4% between January and March.