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Turkey's economy to be one of the least hit by the pandemic

Turkey's economy will be one of the least damaged by the coronavirus outbreak, says a top banking official.

Central Bank of the Republic of Turkey's deputy governor Oguzhan Ozbas said any shock to the economy would be fleeting.

“With its dynamic structure, the Turkish economy will be one of the economies to see the least damage from this process and overcome it in a short period,” Ozbas told Anadolu Agency. “With a slowdown in the spread of the pandemic, we will see that Turkey’s economy will start recovering rapidly.”

A worldwide recession is predicted following the impact of the coronavirus pandemic that has sent the globe into lockdown. Turkey has already put measures in place to soften the blow from the impacts. President Recep Tayyip Erdogan announced a $15.4 billion relief package that cut taxes for hard-hit sectors and made funding available for workers. Meanwhile, the central bank has flooded the financial sector with cheap lira liquidity.

Read more: Covid-19 and Turkish property - what investors should know.

Turkey's lenders have stepped up with flexible loans, especially for those in the tourism industry.

Aside from transport, the country had not yet experienced a dip in consumption, Ozbas said. 

Last year, the Turkish economy grew by 6% year-on-year in the fourth quarter, and almost 1% as a whole, beating expectations.

The Turkish economy is expected to post a high growth rate for the first quarter of the year, thanks to a strong January and February. 

Many sectors are looking for ways to innovate during the pandemic. Property Turkey director Cameron Deggin said with more investors buying property online than ever before, his real estate company was well positioned to ride out the story. 


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