October data from the International Monetary Fund (IMF) revealed that Turkey's income per capita sunk as low as an annual $7,720, just above the 2005 average of $7,350.
The IMF projected a five percent contraction in Turkey's economy by the end of year, directly conflicting the government's projection of 0.3 percent growth for the year.
The average income per capita will further dip to $7,658 in 2021, the IMF reported, only recovering to reach an annual $9,290 by 2023. The average income per capita was $9,640 in 2007.
The IMF predicted that the average income per capita would only rise back up to 2016 level by 2025 for a total $10,890.I want to die because of the economy, says Turkish shop owner when asked why he is not wearing a mask
"I find the IMF's projection for a five-percent contraction optimistic," Başkent University Economics Department head Prof. Uğur Emek said.
The department head said that higher income households had decreased their spending during the pandemic, which had resulted in economic contraction.