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  • 24-03-20

    Turkey's economy to face long-term impacts of novel COVID-19 outbreak

    (MENAFN) As said by experts, regardless of a government stimulus package, Turkey's economy which just began improving from a slump may face the long-term impacts of the COVID-19 outbreak.


    On Sunday, Turkey's health officials have declared 30 deaths and more than 1,200 cases of the coronavirus, as extreme actions are applied to push citizens to stay at home to control the spread of COVID-19, as Turkey has closed all non-essential shops, schools and public locations.


    Last week, a USD15.4-billion stimulus package to cushion the economic impacts of the epidemic, which includes a 6-month suspension of social security premiums, and tax reductions and suspensions for several sectors like retail, malls, iron-steel, automotive, textile and logistics, according to Turkish President Recep Tayyip Erdogan.


    While the plan has been generally greeted by employers, experts have said that unlike some European countries, it does not foresee direct cash injection to households which are already reeling under the burden of high inflation and unemployment.

    MENAFN2403202000450000ID1099902903

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