Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 67

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 67
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 deficit.

Macroeconomic developments in Türkiye,
particularly those related to current account deficit and inflationary pressures, also affect our business. The current account
deficit in Türkiye was 0.8%, 4.1%, and 5.7% of GDP in 2024, 2023, and 2022, respectively. Türkiye’s high current
account deficit may reflect both Türkiye’s current economic conditions and long-standing structural economic issues, such
as dependence on imported energy, manufacturing and domestic consumption imports, and a low savings rate. To date,
Türkiye’s current account deficit has been funded largely through short-term foreign capital borrowings and foreign
portfolio investments.

Various events and circumstances, including, among
others, a decline in Türkiye’s foreign trade and tourism revenues (partly due to the impact of the conflict between Russia
and Ukraine), political risks and changes to Türkiye’s macroeconomic policy (such as domestic interest rates), could result
in an increase in the current account deficit. The current account deficit increases Türkiye’s vulnerability to changes in
global macroeconomic conditions and, as a result, the Turkish government could take policy actions to reduce the current account deficit,
including policies that could materially impact domestic growth and consumption. Any negative impact on economic growth or the introduction
of policies that curtail economic activity could have a material adverse effect on the Company’s business, financial condition,
and/or results of operations.

Although Türkiye’s economic growth
depends to some extent on domestic demand, Türkiye’s economy is also reliant on trade, in particular with Europe. The EU remains
Türkiye’s largest export market. A significant decline in the economic growth of any of Türkiye’s major trading
partners, such as the EU, could have an adverse impact on Türkiye’s balance of trade and adversely affect Türkiye’s
economic growth. Diplomatic or political tensions between Türkiye and the EU (or any of its member states) or other countries could
affect trade or demand for imports and exports. Türkiye also exports to markets in Russia and the Middle East and the continuing
political and/or economic turmoil in certain of those markets could lead to a decline in demand for such imports. A decline in demand
for imports into the EU or Türkiye’s other trading partners or weakening of Euro could have a material adverse effect on Turkish
exports and Türkiye’s economic growth and could result in an increase in Türkiye’s current account deficit.

If the current account deficit increases,