The MEB increased by 21 percent yearly and reached TRY 626 in September 2021. The Turkish economy grew by 21.7 percent in Q2 2021, but the pressure on the exchange rates and high inflation rates remain as challenges.
The Turkish economy grew by 21.7 percent in Q2 2021; which is partially attributed to the low base effect since the economy had contracted by 9 percent in Q2 2020 due to Covid -19 pandemic lockdown but also due to increased production and exports amidst the global supply crisis. Despite the economic recovery, the inflation rates remain as high as 19.6 percent at the end of Q3 2021. Furthermore, food inflation rates reached 29 percent during the reporting period. The currency exchange rate is 8.9 TRY against the USD, which adds pressure on price increase for imports, particularly for energy.