Probable Impacts of Covıd-19 Outbreak on Turkish Economy

   In order to assess the possible impact of the coronavirus on Turkish economy, it is important not only to focus on the epidemiological profile of the virus but also on the ways that consumers, businesses, and governments may respond to it. Covid-19 may most directly shape economic losses through supply chains, demand, and financial markets, affecting business investment, household consumption, and international trade. It might bring about a panic situation among individuals, however, also it can trigger significant international economic depression in the World.

   When we focus on our economy, we already now can see a panic situation. This outbreak may more affect customer prefers, and it may lead to demand shrinking. Individuals will buy less of some goods and services because they afraid of potential exposure to the virus. For instance, they may be less willing to travel or go out to eat. The result is that air travel and hotels could feel a real depression. It is only the tip of the iceberg, that is not all. Productive facilities such as automotive and textile industries may be adversely affected from Covid-19 outbreak because distrupting of the global supply of goods and demand shrinking will damage these sectors process. As a result of that, unemployment rates may climb, international trade may limp, and these reasons may cause global economic depression.

   It is not only related to private sector but also concerned to public sector. Taken measures, given services, tax breaks, will trigger to deficit spending. They will cause inevitable public spendings. Along with panic situation, the economy might alert. Government should make optimum financial strategy and keep on it with dicipline. In addition, tourism sectors will also be affected, and tourism revenues will significantly decline (Turkey earns income almost 30 billion $ from tourism every year). In this situation, government may not found monetary resource for giving service sor supporting markets.

   As a consequence, these impacts not only can be seen on our economy but also seen on the global economy. Every economies and companies may get hurt, however, we may turn the tables for us, if we can take measures and take the right steps. We should avoid panic situation as individuals, however, should be aware outbreak and obey the rules. Governments should support financial markets and private sectors, also should give great services for patients and other individuals.


STAY AT HOME, STAY SAFE