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Economy

Turkey posts G-20 topping 11% growth in 2021 as exports surge

Country benefits from supply-chain realignment, despite runaway inflation

Workers produce face masks at a Turkish manufacturer's facility in Istanbul. Exports surged in 2021 as multinational companies turned to the country amid supply chain bottlenecks.   © Reuters

ISTANBUL -- Turkey's economy grew a robust 11% in 2021, so far the highest among the Group of 20 leading rich and developing nations, as multinational companies increasingly turned to its strategic location amid a global supply chain crisis.

This comes despite a roller-coaster ride for the lira in the second half of the year under President Recep Tayyip Erdogan's unorthodox approach of lowering interest rates despite runaway inflation.

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