Once the growth engine of Turkey’s $750 billion economy, consumers are setting their sights lower in the post-lockdown era.
After the coronavirus pandemic struck Turkey in mid-March, the government severely limited people’s movements at the expense of business activity, keeping most curbs in place until late May. The lifting of restrictions alone hasn’t been enough to bring the consumer economy back, while a second surge in new infections soon followed.
High-frequency indicators over the past few weeks gave a snapshot of an uneven and weak recovery even before new cases started to rise again in recent days. Lacking