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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
Turkey GDP Growth (1961-2023)
Turkey's growth has been dynamic, with double-digit growth in the 1960s and early 2000s, peaking at 11.2% in 2011. Economic volatility marked the late 1990s, with contractions due to financial crises, such as -5.8% in 2001. The 2008 financial crisis impacted growth, but recovery was quick. COVID-19 caused only a mild decline of -1.9% in 2020. Strong 11.4% growth in 2021 was followed by slower growth of 4.5% in 2023, amid inflation and global uncertainties.
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