As the chart below shows, Turkey’s credit bubble started in the early-2000s. Private sector credit grew from approximately 15% of GDP in 2003 to 70% of GDP in 2016. Loans to the private sector sextupled from 2010 to 2018.
https://www.forbes.com/sites/jessecolombo/2019/03/31/turkeys-bubble-is-bursting/#410598245103
