Lira in a limbo

All quiet: Barricades block one of the passages to the deserted Taksim Square in Istanbul. Turkey is currently on a tight lockdown to help protect from the spread of the pandemic. — AP

ISTANBUL: Turkey’s economy has continued to grow at a strong pace so far this year, but that doesn’t necessarily mean its citizens are getting richer.

The US$717bil (RM2.9 trillion) economy likely outperformed all Group of 20 nations except for China in the first quarter after nearly stalling a year ago when the pandemic struck. It’s been bolstered by robust consumption on the back of last year’s government-led credit push, an expansion that came at the expense of price and currency stability.