The Japanese company Nike, which manufactures shoes in Turkey, said on Wednesday that it will cut 15% of its workforce in Turkey and other Arab countries, citing poor conditions and weak government.
Nike is Turkey’s largest manufacturer of footwear, with the company’s chief executive officer stating in a speech in Istanbul that the Turkish economy is in dire straits, and that the company is working on solutions to address its woes.
Turkish Prime Minister Binali Yildirim said last month that the country was in a “critical period of time,” and he said at the time that Nike was one of the best investments that he made in the country.
However, recent years have seen an economic crisis hit the Turkish business community, which is heavily dependent on exports.
According to the government’s latest report, Turkey’s export share fell to 2.5% in 2016, the lowest level in 15 years.
The trade deficit reached 6.5 billion Turkish Liras ($1.2 billion), the lowest figure since the mid-1990s, when Turkey imported more than twice as much as it exported.