ABSTRACT
In 1914, the Ottoman Empire was involved in the World War I, ended with economic disruptions due to trade restrictions and higher risks on production after four years. The conflicts were also correlated with increasing expenditures and monetary instabilities. The war heralded the partitioning of the Empire by the Allies, the occupation, and struggle against them over time. It was argued that when Bulgaria asked for an armistice in September 1918, the Ottoman Empire went into recession, heralding the exit of the war. On the other hand, the Ottoman newspapers provided information on the presence of the economic recovery by the end of the war. Using the Ottoman newspapers (i.e., Tasvir-i Efkâr and Vakit) and data on foreign exchange rates and prices in İstanbul Bourse, this paper empirically examines the Ottoman economy by the end of the conflicts. In comparison to traditional sources on the Ottoman history, the newspapers include contemporary and detailed information and data. The paper’s contribution is important, as no large literature exists on the topic. The findings imply an economic recovery while the conflicts were ending. This effect, however, disappeared in the long run, since there was an economic recession.