Aegean Young Business People Association EGİADOrganized a webinar on “Macroeconomic Outlook in Combating Outbreak” to discuss and evaluate the effects of Covid19 epidemic on the economy. EGİAD For the members of the General Secretary. Dr. TÜSİAD Chief Economist Zümrüt İmamoğlu attended the seminar, which was moderated by Fatih Dalkılıç. The opening of the seminar including a detailed presentation of TÜSİAD Chief Economist Zümrüt İmamoğlu EGİAD Chairman of the Board Mustafa Aslan did. Aslan stated that they expect the new growth forecasts to hover in the 0-2 percent band on the assumption that the epidemic will be taken under control, saying that protecting the economy is equivalent to protecting health. Stating that the economic slowdown caused by Covid-19 does not affect all sectors in the same way, Aslan said, “While some sectors slow down and lose, some sectors increase. For example, many tourism-based sectors such as air and land transport, entertainment and hotel management have been severely damaged, while sectors such as cleaning agents, mask making, online shopping, and distance education systems have increased. These changes will be reflected similarly to imports and exports. As there is a serious slowdown in total economic activities, there will be a clear macroeconomic loss in general. ”
The World is Face to Face with an Unprecedented Depth of Economic Crisis
Emphasizing that Covid-19 should have ways to protect the economy as well as our health EGİAD President Mustafa Aslan said, “Health and economy are inseparable parts of social welfare maximization. The risks that the epidemic poses to world economies as much as its medical dimensions are one of the most talked about agenda items today. Due to the epidemic, production activities have slowed down worldwide, and many sectors have suffered severe damage. As Turkey's economy at the global level that is affected in a negative way the epidemic. Turkey and the world, both with a secretion that leads to the death of billions of people and will negatively affect the welfare of an economic crisis is unprecedented in depth face to face. Therefore, the economic effects of these measures should be taken into account as well as the medical and public health measures to be taken to control the epidemic. ”
Living with Turkey's Economy Faces Risk of Contraction
The main production of the economy is; Expressing that it is taking place in the services, industry, construction and agriculture sectors, Aslan said, “While the epidemic causes loss of income and debt repayment problems in companies, income items such as decreasing exports and tourism may disrupt the balanced growth target and cause the increase in the current account deficit and pressure on the exchange rate. Liquidity shortage in the global markets will be another factor that will put pressure on the exchange rate. This will create difficulties in fulfilling the liabilities in foreign currency. The repayments of the external debt used by the private sector in the financing of large investments with the guarantorship of state banks are also considered at risk in this sense. Under Turkey's economy is likely to affect the question may be confronted with an economic contraction in short-term risk to life, "he said.
People Turkey Industrialists and Businessmen Association (TUSIAD) Chief Economist Dr. The Emerald İmamoğlu, Turkey and other countries in the presentation begins with statistics on the virus outbreak, the assessment found that the support package announced by the current national and global economic situation. İmamoğlu better manage the pandemic, indicating that the process of Turkey, "Turkey must play their cards well. Turkey has a good story because at the moment in the hands of the health system. Even if new waves come, there is a better health system and supply chain that it can overcome compared to other countries. This is an opportunity. Because at the moment, the health system is on the agenda of all the countries of the world. This is good to see new opportunities, we can soften the viewpoint of European Turkey. We can make good use of this opportunity. ” Imamoglu also answered the questions of the participants in the last part of the meeting.