Turkey has had a volatile few years, even by emerging market standards. An attempted coup in 2016 was followed by a currency crisis two years later, which in turn pushed the economy into recession early last year.
The country had barely recovered from that when the Covid-19 crisis hit, sending the economy into a tailspin yet again and prompting a series of increasingly erratic protectionist measures by local policymakers. That Turkey has nevertheless managed to avoid outright economic disaster so far is in large part due to the strength and resilience of its banking sector.
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