Turkey took the following steps, among others, to mitigate the coronavirus pandemic’s negative impact on the economy:
On 18 March, President Erdoğan unveiled the Economic Stability Shield, a ₺100 billion ($12.5 billion) plan to help key industries, small businesses, pensioners and low-income households.
The Value Added Tax on domestic flights was reduced from 18 to one percent for a period of three months.
The required down payment on homes (priced below ₺500.000) was lowered to 10 percent of the total amount.
In cooperation with the Ministry of Family, Labor and Social Security, the government made initial cash payments to some 2.1 million low-income families around the country.
The Ministry of Treasury and Finance deferred select tax payments and social security premiums.
Turkey’s public banks –Ziraat, Vakıfbank and Halkbank— offered low-interest, long-term loans to small businesses and low-income households.
The Ministry of Agriculture and Forestry pledged to pay a total of ₺1.5 billion to farmers around the country to support the agricultural sector.
The Parliament passed an omnibus bill to increase the minimum pension to ₺1500 per month and authorize the government to take additional steps to protect the Turkish economy.