Albayrak: Turkey seeks to close 2020 with growth

Albayrak: Turkey seeks to close 2020 with growth

Turkey is seeking a positive economic growth rate to close 2020, despite the negative forecasts due to the crisis of the coronavirus pandemic, according to statements made by Turkish Economy and Finance Minister Berat Albayrak in an interview on state television.

One of the countries least affected by the COVID-19 pandemic in employment and growth will be Turkey, according to Berat Albayrak, adding that the Turkish economy will grow in the first quarter of this year.

As the first coronavirus case in Turkey was reported in mid-March, the effects of the pandemic became particularly severe in April.

The Minister of Economy and Finance noted that while many countries are expected to experience a severe recession in the second quarter of 2020, Turkey will be less affected than other countries.

Referring to Turkey’s “Economic Stability Shield” package presented in March to help companies deal with the economic downturn, Albayrak said the value of the relief package has reached 260 billion lira (38 billion dollars) so far.

Berat Albayrak reminded that with the multiplier effect, the size of the rescue package had reached almost 600 billion lira (89 billion dollars), which is equivalent to 10% -11% of the country’s GDP.

He stressed that normalization after the coronavirus crisis will begin in Turkey in June, as in the rest of the world.

“We are entering a period in which the gradual rise in exports, trade, tourism and the domestic market will begin in June and July”, he said.

“Turkey will pursue policies based on production and lending in local currencies”, Albayrak said.

He added that the country would take steps to ensure that local markets and domestic demand were revived quickly in the post-pandemic era.

“We will announce incentive packages to normalize the domestic market”, Albayrak said, adding that Turkey is holding talks to establish trade lines with many countries, saying that “we need to look at trade issues in the context of local currency trading”, which gives priority to the country./ibna