The coup attempt of July 15, 2016, had a significant impact on the Turkish economy. The immediate impact was felt in the markets, with the stock market plummeting and the Turkish lira rapidly depreciating against the US dollar.
The long-term impact was also severe, with credit rating downgrades, a decline in foreign investment, and a rise in unemployment, inflation, and interest rates.
The economic impact of the coup attempt was substantial. According to Sefer Şener -- an Istanbul University academic--, the direct per capita impact amounted to approximately $2,821, with a total direct impact of $234 billion.
When factoring in indirect effects, the burden on the Turkish economy amounted to approximately $460 billion.
The coup attempt also had repercussions on macroeconomic indicators. The unemployment rate rose from 10.7 percent to 12 percent by the end of 2016, and inflation climbed from 6.58 percent in June 2016 to 11.72 percent a year later.
The Turkish economy experienced a pause in its 27-quarter growth streak, contracting by 0.7 percent in the third quarter of 2016, coinciding with the coup attempt. This event broke the 7-year trend of continuous economic growth.
Despite the challenges faced, Türkiye remains committed to achieving its goals for its 100th anniversary. The government has taken steps to address the economic challenges, including introducing a series of reforms and measures to boost growth.
