Turkey Records V-Shaped Recovery in the First Half of 2020: Istanbul Chamber of Commerce

Turkey Records V-Shaped Recovery in the First Half of 2020: Istanbul Chamber of Commerce

https://islamicmarkets.com/articles/turkey-records-v-shaped-recovery-in-the-first-half-of-2020
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The Istanbul Chamber of Commerce (Chamber) revealed that soft loans and consumer demand have resulted in a V-shaped recovery for the Turkish economy during the first half of 2020. The “Pandameter” report indicated that the V-shaped recovery was reflected on both the production and consumption sides of the economy.

Despite the impacts of COVID-19, which saw the Turkish economy in lock-down from mid-March 2020 until the end of May 2020, economic data reflects improvements in several areas of the economy, according to the Chamber’s report.

For example, the number of newly established firms in Istanbul reached 30,509 in the first seven months of 2020, up 10% year-over...