The Turkish economy received a new blow on Thursday, with the country's unemployment rate rising recordly since last year, amid other crises suffered by Ankara, most notably the deterioration of the local currency.
Turkey's unemployment rose to 11.1 percent from July to August this year, its highest level since early last year, government data showed.
Unemployment in Turkey reached 10.6 percent in the same period last year, but the loss of 40 percent of the Turkish lira this year has led to a major recession in the country's economy.
The new government data showed that non-farm unemployment averaged 13.2 percent between July and September this year.
On November 9, Moody's said a "world of pain" awaited Turkey's economy next year, especially after the Turkish lira hit its worst performance this year.
According to Bloomberg, the lira declines this year will translate into severe economic problems as growth slows in developed and emerging markets.
The forecasts come as the International Monetary Fund (IMF) said Turkey's economic growth could fall to 0.4 percent in 2019, from 3.5 percent this year.
"A weak pound and rising borrowing costs will be a reflection of investment and consumption," the IMF said in a report.
On August 10, the lira hit its peak this year, with the process falling by 18 per cent during trading, while it has lost almost 40 per cent since the beginning of the year.
