Financial Crisis Due to Coronavirus Reveals Recovery

Financial Crisis Due to Coronavirus Reveals Recovery

The financial crisis due to the coronavirus is recovering. The panic atmosphere that arose due to the epidemic is starting to leave its place to calm. As a result of the Coronavirus (Covid-19) epidemic that emerged in China in December 2019 and spread all over the world in a short time, a financial crisis was inevitable. Production worldwide epidemic coronavirus almost brought to a standstill, Turkey has manifested itself in the form. The financial crisis caused by the coronavirus, which creates a hectic atmosphere in the markets, has now started to recover with the measures taken and the support given. The economic rush caused by the epidemic caused the economic confidence index to decline to 51.3 in April. According to the latest data announced, the index, which showed a rapid improvement, rose for 4 consecutive months and reached 85.9 in August. The index, which was 97.1 in January; It was 97.5 in February, 91.8 in March, 51.3 in April, 61.7 in May, 73.5 in June and 82.2 in July.

The Recovery in the Economy Has a Positive Reflection on Export Figures

In addition to the recovery seen in the economic confidence index, the indicators announced in July proved a 'V' shape recovery. The first light of the economic recovery, announced by the Istanbul Chamber of Industry Turkey Manufacturing Purchasing Managers Index (PMI) showed. The index, which was 33.4 in April, became 53.9 in June. The index, which was recorded as 56.9 in July, saw its highest level since February 2011. The recovery in the economy was reflected positively on export figures. Exports increased by 15.7 percent in June compared to the same month of the previous year, amounting to 13 billion 462 million dollars. Imports, on the other hand, increased by 8.3 percent to 16 billion 308 million dollars. In April, exports decreased by 41.4 percent compared to the same month of the previous year and were 8 billion 990 million dollars. Imports, on the other hand, fell by 25 percent and were recorded as 13 billion 553 million dollars. Thanks to the support and actions taken by the government, a recovery was observed in the industrial sector. The industrial production index, which declined by 30.2 percent in April, increased more than 17 percent monthly in May and June. The turnover index in the industrial, construction, trade and service sectors in total also recovered in May and June after the big drop in April. In April, the index had fallen by 25.4 percent.