COVID-19 and Turkey: How to Assess the Impact with Prof. Güven Sak YASED United Event on April 3rd 2020
VIDEO CALL/ANKARA- On April 3rd, 2020, a video conference was held by the International Investors Association (YASED) located in Turkey, moderated by YASED’s Secretary General Serkan Valandova, with guest speaker Professor Guven Sak, the Executive Director of The Economic Policy Research Foundation of Turkey (TEPAV) and the President of TOBB University of Economics and Technology. With 136 participants, the event began with the opening remarks of YASED Chairperson Ms. Ayşem Sargın and continued with the opening speech of YASED Secretary General Mr. Serkan Valandova. Afterwards, Prof. Güven Sak began his presentation following the opening speeches.
The April 3rd presentation discussed how the COVID-19 pandemic is changing everything around us but the effect on government structures is still in question. The pandemic was compared to the 1918 Influenza, in a more global, connected and urban way than before, yet the economic hardship of post-COVID era is also to be foreseen. Furthermore, the global risk assessment rather neglected the damages that will occur, especially in countries such as Turkey.
TEPAV’s research revealed that in Turkey the unemployment will double and that the 4th quarter growth rate will be -10%.
According to figure from John Hopkins University, the rate of spread from the 1st case to the 1000th took only 2 weeks in Turkey and that there are several other reasons why the nation is fragile. Savings rates are low for individuals and thus there is not much of a financial safety net. Companies, such as Micro to SMEs are burdened with trade credit. Lastly, the public institutional capacity, centralized in nature, lacks the ability to combat the problem. Especially on the local level and due to issues stemming from the policy making capacity being rather low.
Public opinion in Turkey has shifted from “terror” being the biggest problem to the “economy.”
After the presentation clarifying questions regarding policy matter, the economy, and other related topic was asked to Prof. Güven Sak before concluding the video conference.
Click here to access more information.
