18 thousand companies closed in the first half of the year due to pandemic

Thousand companies closed in the first half of the year due to the pandemic
Thousand companies closed in the first half of the year due to the pandemic

Turkey Union of Chambers and Commodity Exchanges (TOBB), according to data from 2020 showed a 12 percent increase compared to the same period last year, the number of companies closed the first half. The sector with the highest increase in the number of companies that closed down compared to last year was mining with 79%, while real estate activities were the second with 66% and transportation and storage companies with 40%. In the first 6 months on a quantity basis, 6 thousand 905 wholesale and retail trade companies closed, making up more than 30% of the total closing companies. Especially in sectors with large stakeholders such as construction, the closure of companies created a domino effect.

“2 thousand 957 construction companies closed”

Expressing that each closed company has a negative impact on its stakeholders in different sectors, Economic Policy Specialist Dr. Aziz Murat Hatipağaoğlu said, “There was a serious economic contraction in the construction industry from the first time we encountered the coronavirus outbreak in March to the normalization in June. The closed construction companies directly affected the mining, quarries and real estate sectors. This was more clearly seen in financially weaker individual companies. In the first month of 2020 alone, 2 thousand 957 construction companies were closed, while 1.934 of them were individual construction companies that could be classified as contractors. Accordingly, many suppliers have come to a standstill. I think that all these problems experienced in the first half of 2020 can be closed with the state supports in the second half of 2020. ” said.

“An exam for 2020 companies”

Saying that the companies that have succeeded in this difficult period have great potential for the period ahead, Dr. Aziz Murat Hatipağaoğlu said, “Increasing demands and the decrease in the number of companies that will meet these demands can accelerate the companies' new period. Apart from this, with the coronavirus epidemic, the closure of many countries in our nearby geography by closing the borders brings new business opportunities. It was one of the greatest teachings of this period that our companies improved their business processes for export. ” found in the description.

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