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Impact of COVID-19 on Turkey Economy Growth, Size, Share, Industry Report and Forecast 2019-2025

Turkey is a dynamic and emerging economy across the globe. The major industries in the country include food processing, textile, and automobile. The countryu2019s food processing industry is diverse and emerging; however, the economic recession significantly affects the operations of this sector.

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Impact of COVID-19 on Turkey Economy Growth, Size, Share, Industry Report and Forecast 2019-2025

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  1. Orion Market Research Impact of COVID-19 on Turkey Economy, Size, Share, Analysis Report & Forecast to 2025 Request https://www.omrglobal.com/request-sample/impact-of-covid-19-on-turkey-economy a Free Sample of our Impact of COVID-19 on Turkey Economy: Company Name: Orion Market Research Contact Person: Mr. Anurag Tiwari Email: info@omrglobal.com Contact no: +91 780-304-0404

  2. Turkey is a dynamic and emerging economy across the globe. The major industries in the country include food processing, textile, and automobile. The country’s food processing industry is diverse and emerging; however, the economic recession significantly affects the operations of this sector. As per the Turkish Statistical Institute (TSI), in 2017, there were 595 beverage producing and 47,617 food processing enterprises in the country. The country has an established and advanced food processing industry, which accounts for 16% of all production in Turkey. In 2018, there were 611 foreign direct investments (FDIs) in the food and beverage production, which includes German, Dutch, French, the US, Italy, Russia, Iran, and Switzerland. A https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-turkey-economy full Report of Impact of COVID-19 on Turkey Economy is Available at: Turkey is one of the exporters of processed food products to the US and across the globe. Food processing is a developed industry in the country with good quality products and competitive pricing than the US and Europe. Despite the potential base of agricultural production, Turkish companies import food additives, including artificial sweeteners and coloring additives. These food additives are sold as mixes with the original brands or under a Turkish brand. The major food processing companies in the country include Anadolu Efes, Ülker Bisküvi, Et ve Balik Kurumu, and Türkiye ?eker Fabrikalar?. These food processing companies are currently facing the concern of low production output owing to the government restrictions to limit the spread of COVID-19. The Turkish government is under pressure to impose complete lockdown in the country owing to the surging cases of COVID-19 in the country. On 1st April 2020, Turkish Health Minister said that there are 2,704 new incidences of coronavirus reported in the country and 214 people lost their lives with the disease. As a result, most of the food companies operating in the country will likely suffer from financial problems which can affect their production capability. As the whole world is facing this crisis, the country’s FDI for food processing sector will be affected which in turn, is expected to affect the growth of Turkish food processing industry in 2020. Request https://www.omrglobal.com/request-sample/impact-of-covid-19-on-turkey-economy a Free Sample of our Impact of COVID-19 on Turkey Economy: Food processing companies are applying for loans to meet their needs in this difficult situation. For instance, on 2nd April 2020, Ulker Biskuvi, one of the largest food companies obtained a $455 million syndicated loan for three years with an interest payment every six months. The financing is planned for the company’s strategic investment projects. Further, the Turkish government is taking measures to reduce the impact of coronavirus on the economy. On 18th March 2020, the government declared relief package, which comprises tax cuts across several sectors and debt payment delays, following a meeting regarding the measures to deal with the pandemic held in Ankara. Value-added tax (VAT) on domestic airline flights has been declined from 18% to 1% for three months. In addition, VAT deductions and social security premiums have been halted for six months across several sectors, such as automotive, malls, retail, iron-steel, textile, and logistics. The credit payments for firms suffering from cash flow disruptions amid COVID-19 will be postponed for three months. The country

  3. has doubled the limit of credit guarantee fund from $3.3 billion to $7.7 billion. These initiatives will likely support to minimize the risk of unemployment and business shutdown. The study on the effect of COVID-19 on Turkey economy is classified based on industries, including textile, food and beverage, automobile, electronics, and others. The textile industry has been significantly impacted by COVID-19 outbreak. For instance, as per the Federation of Medical Devices Manufacturers and Suppliers Association (TUMDEF), in February 2020, Turkey was receiving weekly orders for 50 million masks from China and 30 million masks from Europe. The country also highlighted a significant demand for products, including gloves and shoe covers, thermometers, and disinfectants. However, with a surge in cases of coronavirus in Turkey, several textile manufacturers have stopped their production for a week or month amid COVID-19 effect. For instance, Mendered Tekstile, Sikel Tekstile, Gökhan Textile, and Sanko Tekstil halted their production temporarily to minimize the COVID- 19 impact. Due to the temporary closure of several firms, some companies have laid off their workers. Verticals Affected Most •Textile •Food and Beverage •Automobile •Electronics •Others (Paper) Company Profiles •Anadolu Isuzu •ArçelikA.?. •ASELSAN A.S. •Bayraktar makina •Gokhan Tekstil San. ve Tic. A.S. •Menderes Tekstil Sanayi ve Tic. AS •Modern Karton San. ve Tic. A.S. •Otokar Otomotiv ve Savunma Sanayi A.S. •Sanko Textile & Trading Co. •Temsa Global Sanayi ve Ticaret AS •Ülker Bisküvi Sanayi A.S. For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report- customization/impact-of-covid-19-on-turkey-economy About Orion Market Research Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR

  4. offers quality syndicated research reports, customized research reports, consulting and other research- based services. For More Information, Visit Orion Market Research Media Contact: Company Name: Orion Market Research Contact Person: Mr. Anurag Tiwari Email: info@omrglobal.com Contact no: +91 7803040404

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