Turkey's Recovery Looks Positive

Posted On: 3 July, 2020 In Blog

Turkey has been declared ‘well placed’ to fully recover and grow stronger during the second half of 2020, and even though Covid-19 put a big strain on the economy, based on the beginning of the year where it grew by 4.5% in the first quarter when compared to 2019, it will bounce back.

With the idea of attracting further investment from outside of Turkey, they are also aiming to challenge China, and become the new manufacturing hub of the world, and this was proved recently when the new plans were released for the first domestic car manufacturing site in Turkey, which will provide jobs for more than 4,300 staff and produce more than 175,000 cars per year.

Turkey’s president Recep Tayyip Erdogan, who met with crowds whilst officially opening a new dam mentioned ‘We’ve faced the pandemic, in which even developed countries have been left helpless, both with our health infrastructure, our food and cleaning supply chain and exemplary management in terms of public safety’.

The World Bank has also stated that they agree with Recep and that the ‘economy is expected to return to growth in 2021, on the back of gradual improvement in domestic demand’.

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