UNCTAD report: Turkey has grown, but it has also shrunk …

A year passed with the pandemic that negatively affected the economies of all countries. This negative impact was reflected in the report of the United Nations Association for Trade and Development (UNCTAD).

In the comprehensive report, which reveals the economic losses of countries after the epidemic, it was stated that the pandemic caused all the world’s economies to lose trillions of dollars in revenue.

According to the UNCTAD report, with the epidemic, the country’s economies contracted with severe income losses, but the economies of several countries unexpectedly resisted and grew unlike other countries.

UNCTAD report on Turkey’s surprise was stated that in 2020 a record growth of 1.6 percent.

However, according to the report, Turkey reported that 13.6 percent of gross domestic product suffered a loss of revenue due to the coronavirus outbreak.

The UNCTAD report, in the second quarter of a deep recession in Turkey, indicates that later than the recovery experienced, “this growth in Turkey was provided by the closure of measures aimed at alleviating the epidemic.” so there was record growth in the third quarter in Turkey. This growth was the result of strong financial incentives. “The government’s fiscal space has benefited from the stabilization of the lira, although the recent increase in official interest rates increased financial difficulties.

The United States, on the other hand, grew by 1.9 percent in 2020. In the report, Turkey, the United States and Brazil, despite the recovery of the economy in the coronavirus outbreak and their spending to avoid recession economic growth in these countries, since raw materials and assets have a positive impact on price growth and the surprise was registered in a realized way the growth of the economy.

According to the UNCTAD Report, the income losses of the countries are as follows:

Source: Voice of America

The original English version of the report is here.

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