Coronavirus adds to Turkey's economic woes
Coronavirus adds to Turkey's economic woes

Turkey seemed to stand apart from the economic turmoil caused by the coronavirus outbreak. The country had enough domestic economic problems beyond that. However, after Turkey confirmed the first case of the virus, the local economy started to tumble down. Turkey has always been considered one of the most popular tourist destinations in the world, but the coronavirus pandemic has dealt a serious blow to the industry playing a vital role in the country's economic development. In this situation, it is hard to make any forecasts, one thing is certain: amid a sharp decline in economic growth, the outlook for Turkey is gloomy. For example, the OECD projects that the Turkish economy will grow by 2.7% this year which is almost two times lower than a 5-percent target set by the government. The ruling Justice and Development Party failed to achieve even minimal economic growth, while the expected recovery of 2.7% is an excessively low rate. Taking into account the high unemployment rate in the country (13.7%, or 4.4 million unemployed people in 2019), the Turkish economy has little chance to recover. Notably, the government was hoping for stable expansion this year after rather weak growth last year. The country's civil aviation and tourism industries have already been hit by the coronavirus crisis. In addition, consumption is bound to fall, as people are required to stay at home and avoid public places to help prevent the further spread of the disease.

Published: 2020-03-24 13:57:02 UTC
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