The HEConomist online journal is designed and managed by students from the Faculty of HEC and UNIL. In this article, Ümmügülsüm Çavuş, editor at HEConomist, tells us about the impacts of Covid-19 on the Turkish economy and policy recommendations on government spending.
Bilan Campus highlights several contents from the online journal HEConomist. This non-profit student association is built around the idea of creating a newspaper written by students and aimed at students. Founded more than ten years ago, it now has about twenty members. The newspaper is aimed at the entire student community through a selection of articles, sections and interviews, through which the association aims to be a reflection of the student. The objective is simple: to make the connection between what they are learning and what is happening around them.
In this article, we discuss the impacts of Covid-19 on the Turkish economy and policy recommendations on government spending. The pandemic began in December 2019, in Wuhan, then spread gradually to the rest of the world. Its impacts on the global economy, particularly tourism, industry and services, have contributed to a rapid decline in national production and international trade. Consumer and producer confidence indices have fallen sharply. Government budget revenues have declined while spending and unemployment have increased. In this context, the spread of Covid-19 has impacted production, supply chains and consumption, resulting in a contraction of the global economy. The world then entered a state of crisis.
From mid-March 2020, the epidemic began to affect Turkey’s economic activities through foreign trade, tourism and domestic demand channels. In April, these effects spread to the whole economy. The slowdown in the Turkish economy accelerated in the second quarter. As a precaution, Turkey has closed its shopping malls, cafes and restaurants. From textiles to the automotive industry, domestic and foreign demand has declined, leading to a halt in production. To avoid permanent damage to the Turkish economy, fiscal and monetary measures have been taken. What were these measures? And what have been the concrete effects of the pandemic on the Turkish economy?
For the answers to these questions, read the article written by Ümmügülsüm Çavuş, editor at HEConomist. And find other content on their site.