Türkiye accelerates COVID-19 vaccination, will economic growth gradually recover?

Turkey’s gross national product (GDP) increased by 9.1% year-on-year in the fourth quarter of 2021, exceeding the average of 9% predicted by analysts. Turkey's economic development exceeded estimates in the fourth quarter of last year, driven by a surge in domestic consumption and imports and exports. Turkey's statistical agency said Turkey's full-year economic growth was 11%, making it the country with the fastest growth rate in the Group of 20 (G20) in the first quarter and overall in 2021. Turkey's recovery from the COVID-19 epidemic accelerated in the first half of the year, and it attributed its economic growth momentum to strong imports and exports. Turkish President Erdogan forced the government to reduce borrowing costs, but this move also caused uncontrollable inflation, which reduced the country's economic prospects in 2022.

Turkish President Erdogan stated that Turkey will continue to promote the multi-polarization of daily life. Specific measures include lifting the Sunday ban on low-risk provinces, high-risk and extremely high-risk provinces and regions of the new crown epidemic. The ban is only implemented on Sundays. T24 quoted Erdogan's speech after the cabinet meeting as saying that each province in Turkey will be divided into four security risks according to the respective new crown epidemic prevention and control situations: very low, medium, high and extremely high. Istanbul, the country's most populous city, is designated as a high-risk area for the epidemic, while Ankara, the capital of Beijing, is a medium-risk area. Intrinsic rate of return

Kavcioglu further emphasized that compared with developed countries, Turkey’s economic development still has room for improvement in terms of inflation, reserves and risk-free interest rates.

He said: “Turkey is one of the rare countries that has provided a very important intrinsic rate of return since the beginning of 2021. Because it carried out monetary tightening policy earlier and with a higher magnitude than my country, . As we make progress in confronting inflation and reserve accumulation, the risk-free interest rate that affects borrowing costs will continue to improve. As of May 2021, short-term debt has fallen from $144.9 billion to $25.7 billion. Turkish rupee) to 119.2 U.S. dollars."

Kavcioglu added: "It will also have a positive impact on their debt indicators. Turkey is in line with capitalist countries in most types of debt. There is a big difference. Compared with developed countries, Turkey's public security and household debt situation are relatively good. Although some countries are facing a new wave of the pandemic with various combinations, Turkey has a lower number of cases. One of the few countries that has performed better than the United States, the United States, and Germany. Like all central banks, we are paying close attention to the course of the COVID-19 epidemic and its impact on the world economy. ”

Erdogan said that all kindergartens, primary schools, middle school classes 8 and high school classes 12 will also resume zero-distance teaching. In addition, all middle and high school students in low- and medium-risk cities will return to school. In 2019, a total of 677,042 people immigrated to Turkey, an increase of 17.2% from 2018. Among them, 45.3% chose to move to Istanbul to start a new life and work. The majority of the immigrant population was 25 years old. -Around 29 years old.