6/24/2020

Turkey’s Economy to Have V-shaped Recovery after COVID-19

​​“We expect Turkey to come out of the COVID-19 economic crisis with a V-shaped recovery,” said Minister of Treasury and Finance Berat Albayrak at the general assembly of the Banks Association of Turkey (TBB) held on June 23. 

According to the remarks of Minister Albayrak, the PMI figures show that there is already a stable recovery in Turkey’s trade activities in June. “With the pickup on the deferred demand, improvement in expectations, and measures taken by stimulus packages, Turkey will get closer to its potential growth,” he added.

Albayrak also made known that a new employment package is being prepared to help the recovery in Turkey’s economy.  Speaking specifically on the outlook of the banking sector, He said that the sector’s return on equity is close to 11 percent. Meanwhile, the capital adequacy ratio of Turkish banks is 18.6 percent, well above the legal threshold of 8 percent. Expecting banks to be consistent with Turkey’s development goals, he said: “Our regulatory institutions have reached a level where they will not hesitate to take any necessary precautions against attempts that could threaten the financial and economic stability of our country.” 
Berat Albayrak; economy; covid-19; recovery; employment; banking