Epidemic fuels fear of economic crisis

Despite the efforts and measures for normalization of the economy, citizens began to see Turkey’s biggest problem again as the economy instead of the epidemic, according to June survey of Ipsos.

Corona virus epidemic exhibited a rapid spread in Turkey between March to May period, with health issues and virus fears overwhelming the economic agenda during the period. Along with the normalization process, citizens’ agenda has once again turned into the economic crisis.

For the first time since March, fear of the economic crisis preceded the epidemic. 43 percent of citizens think the poor economic conditions as Turkey’s most important problem, while only 29 percent view the corona virus outbreak as a concern. 8 of every 10 respondents to the survey think the epidemic poses a significant threat for Turkey’s economy. 86 percent of citizens are concerned about their personal economic situation.

These concerns about the economy reveal the despair of the citizens regarding the future and the fate  of their jobs despite the precautionary measures and  the recently announced “employment shield”  economic support package.

Shock  expected

In the survey, which studies the expectations and perceptions of the citizens during the normalization period carried out by the research company Ipsos, showed that with the corona virus epidemic, shocks were expected both to the family budget and in the country’s economy.

Citizens agree, according to the survey, that the corona virus outbreak both pose a threat to their own personal finances  and Turkey’s economy in general. 8 of every 10 people think the epidemic is a serious danger for Turkey’s economy. 86 percent said that the epidemic posed a threat to the economy.

33 percent of employees said that their workplaces were temporarily closed during the epidemic. 57 percent of employees think that negative effects of the epidemic will occur in their workplace in the coming period. The rate of those who think that the epidemic created an opportunity for their jobs remained at 6 percent.

While 48 percent of citizens find the decision to open their workplaces wrong, 41 percent believe that this decision is correct. One out of every three youngsters find the normalization measures as “wrong”.

Epidemic a blow to the economy

Evaluating the results of the research, Ipsos Turkey CEO Sidar Gedik said that; “Although citizens’ concerns about the economy have increased, those who think that it is not the right decision to start normalization in business activities, constitute the majority.”

Gedik, who noted that as life returns to normal, the focus of the citizens’ concerns may become economy again, “The second point is that the epidemic itself also fuels economic problems.

Despite the packages that support companies, employees and hence employment, 96 percent of people see the epidemic as a danger to the country’s economy and 86 percent to their personal finances. The fact that one third of the enterprises that participated in the study have temporarily interrupted their activities reveals the blow that the epidemic dealt to the  economy. ”

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Published By: Atilla Yeşilada

GlobalSource Partners’ Turkey Country Analyst Atilla Yesilada is the country’s leading political analyst and commentator. He is known throughout the finance and political science world for his thorough and outspoken coverage of Turkey’s political and financial developments. In addition to his extensive writing schedule, he is often called upon to provide his political expertise on major radio and television channels. Based in Istanbul, Atilla is co-founder of the information platform Istanbul Analytics and is one of GlobalSource’s local partners in Turkey. In addition to his consulting work and speaking engagements throughout the US, Europe and the Middle East, he writes regular columns for Turkey’s leading financial websites VATAN and www.paraanaliz.com and has contributed to the financial daily Referans and the liberal daily Radikal.