Corona, A Global Epidemic

Corona, A Global Epidemic

In a global atmosphere of panic, accusations by major countries and their regimes of failing to cope with the new CORONA virus epidemic, the question is now about their efforts to strengthen and improve their health sector. The Turkish situation in this area proves to be an example, by striving to develop this sector and make it able to challenge the crises that may plague the country.

 Speaking of Corona and the Turkish government's ability to resist the virus and respond to it, the ongoing preparations and its hospitals and medical staff, we should not forget that Turkey has:

1-The Bilkent Hospital in Ankara, which opened in 2019, is the largest hospital in Europe and the third largest in the world, with 3,633 beds, 131 operating rooms, 904 outpatient clinics, a daily capacity of 30,000 patients, 8,000 emergencies and the largest medical laboratory in the country, as well as two landing and take-off areas

2-The giant medical city of Başakşehir, which includes six buildings built on an area of one million square meters, will provide medical services to 23,600 patients, with 3,102 beds, including 520 intensive care, 90 operating rooms and 1,662 accomodation rooms

We have a huge medical army of 165,000 doctors, 205,000 nurses and 360,000 support workers, the Turkish president said, adding that 35,000 new jobs were created in the health sector.

Turkey has been quick to send medical aid to several countries around the world, such as Britain, Italy, Spain, the Balkans etc. following the Corona pandemic.

 

Safe and temporary devaluation of the Turkish lira

The recent fall in the Turkish lira against the US dollar has raised fears among many which make the recent economic stability vulnerable and a return to the severe volatility that the Turkish economy has experienced in recent years, threatening to see inflation rise again after its successive declines over the past year, and by placing more burdens on the citizens, as well as Turkish companies that are externally debtors whose commitments in the national currency are doubling against the dollar

The circumstances have also brought to mind earlier scenarios predicted by many specialized international research centers in the early 2018 era, which expected the dollar to cross the 11-lira barrier by mid-2019

Although there are many reasons for this devaluation which may increase in the coming short period, the major macro indicators of the Turkish economy do not give an acceptable justification for this decline but from the point of view of many, these indicators provide many factors of confidence and reassurance in the future of the lira in the medium and long term, especially in light of the positive improvements that continue during the past period, and the expectation of the Turkish economy to improve further during the current year, which has led many international institutions to adjust their expectations positively.

In terms of growth rate, according to The Plan of Finance Minister Perat Alberke, Turkey expects to register a growth rate of 0.5% in 2019, and this has already been achieved, and 5% for 2020, 2021 and 2022. This optimism was supported by the IMF, the World Bank and the Organization for Economic Co-operation and Development (OECD), which forecast growth of 3% for 2020 against 0 and 0.3%, respectively, and the first quarter of this year was supported by those expectations. Bloomberg analysts predicted that Turkey would become the third fastest growing country in the fourth quarter of 2020

In January, the Central Bank of Turkey cut its key interest rate by 75 basis points to 11.25%, for the fifth time in a row, in a move described as the most tightened since the start of the monetary easing policy last July, indicating a decline in monetary circulation as the economy recovers from the recession and also promises to boost domestic investment and reduce debts

 

Turkish exports hit a highest record last year with a record of $180.5 billion, the highest in the country's history and imports fell 9 percent, $210.4 billion in 2019. Turkey's trade deficit has dropped by a significant 44.9%, to nearly $30 billion from $54.3 billion in 2018, easing foreign exchange pressure

This improvement in the trade balance was supported by the announcement by the Turkish Statistical Institute (TurkSat) that the value of energy imports in Turkey decreased by 4.2% in 2019, bringing its total imports to about $41.1 billion, from more than 43.5 billion the previous year

This decline in energy imports was the result not only from lower global oil prices but also for the more efficient use of domestic resources and the development of renewable energy potential, which also played an important role in reducing the current energy deficit resulting in the reduction of the overall trade deficit

Istanbul broke the record of more than 15 million tourists in 2019, an increase of more than 14% over the previous year, despite of boycotts and incitement from some Arab countries

The previous review of the overall indicators of the Turkish economy indicates the strength, resilience, competitiveness and sustainability of growth which means that there are no real economic reasons behind the current decline of the lira, which is essentially driven by non-economic factors that can be described as temporary factors that will soon disappear, especially in this wave of recovery that the Turkish economy has been experiencing since the middle of last year, which supports the current description of the lira's decline as a temporary and safe decline

Good news: Real estate sales to foreigners increased by 14% since the beginning of 2020

According to information from the Turkish Statistics Authority, between January and March 2020, foreigners bought 10,948 apartments in Turkey. Foreigners preferred Istanbul to buy apartments, where they bought 5,375 apartments, followed by Antalya with 2,151

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