The world economy grew by 5.9 percent in 2021, approaching its pre-pandemic course after shrinking by 3.5 percent in 2020. However, it closed 2021 with a weaker outlook compared to previous expectations, due to supply shortages that marked some industries such as automotive, high inflation throughout the globe, the increase in energy prices across the year, and the ongoing uncertainties about the pandemic.

The Turkish economy grew by 11 percent in 2021 after the limited growth of 1.8 percent in the previous year, in line with the global economy, as the effects of the pandemic weakened. However, the Turkish lira depreciated 44 percent against the dollar. When energy prices in the world markets and price increases across sectors are added, annual inflation in Turkey reached 36.08 percent as of the end of December.

With the weakening of the effects of the COVID-19 pandemic, the Turkish economy grew by 11 percent in 2021, following the limited growth of 1.8 percent in the previous year, in line with the global economy.