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Steps Taken to Mitigate the Negative Effects on Turkey’s Economy

Turkey took the following steps, among others, to mitigate the coronavirus pandemic’s negative impact on the economy:

Steps Taken to Mitigate the Negative Effects on Turkey’s 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.

Steps Taken to Mitigate the Negative Effects on Turkey’s Economy

The Value Added Tax on domestic flights was reduced from 18 to one percent for a period of three months.

Steps Taken to Mitigate the Negative Effects on Turkey’s Economy

The required down payment on homes (priced below ₺500.000) was lowered to 10 percent of the total amount.

Steps Taken to Mitigate the Negative Effects on Turkey’s Economy

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.

Steps Taken to Mitigate the Negative Effects on Turkey’s Economy

The Ministry of Treasury and Finance deferred select tax payments and social security premiums.

 

Steps Taken to Mitigate the Negative Effects on Turkey’s Economy

Turkey’s public banks –Ziraat, Vakıfbank and Halkbank— offered low-interest, long-term loans to small businesses and low-income households.

Steps Taken to Mitigate the Negative Effects on Turkey’s Economy

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.

Steps Taken to Mitigate the Negative Effects on Turkey’s Economy

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.