Turkish economic crisis (2018–current) in the context of Inverted yield curve

Turkey has an emerging free-market economy. It ranked as the 16th-largest in the world and 7th-largest in Europe by nominal GDP in 2025. It also ranked as the 11th-largest in the world and 5th-largest in Europe by PPP in 2025. Turkey's rapid economic growth since the 2000s was stranded by the economic crisis in 2018, but it began to recover in 2021. Turkey's USD-based nominal GDP per capita and GDP-PPP per capita have eventually reached their all-time peak values in 2024.

Turkey is a founding member of the OECD and G20. Ratified in 1995, the European Union–Turkey Customs Union has established a free trade area between Turkey and the European Union, which has increased bilateral foreign trade, investment and economic activity.

Local elections in Turkey took place throughout the country's 81 provinces on 31 March 2024. A total of 30 metropolitan and 1,363 district municipal mayors, alongside 1,282 provincial and 21,001 municipal councilors were elected, in addition to numerous local non-partisan positions such as neighborhood representatives (muhtars) and elderly people's councils.

The elections took place ten months after the 2023 parliamentary and presidential elections, where the Nation Alliance opposition coalition suffered an unexpected defeat to President Recep Tayyip Erdoğan's governing People's Alliance. This was despite an ongoing economic crisis and rapidly rising inflation. Following the defeat, the opposition six-party coalition dissolved, with the main opposition parties Republican People's Party (CHP) and Good Party (İYİ) fielding separate candidates for effectively all mayoral positions. This was the first nationwide election to be contested by the CHP's new leader Özgür Özel, who had successfully challenged his predecessor Kemal Kılıçdaroğlu for the position in November 2023.