Finance minister: "Turkey expects V-shaped economic recovery from virus"

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23 June 2020

Turkey is anticipated to come out of the coronavirus-driven crisis with a V-shaped recovery, and will converge its potential growth, the country's treasury and finance minister said on Tuesday, APA reports citing Anadolu Agency.

Addressing the general assembly of the Banks Association of Turkey in Istanbul, Berat Albayrak said the government clearly observes the recovery in economic activity.

"Turkey's exports increased 24.6% in first 21 days of June compared to same period of last year," he said.

A V-shaped recovery is characterized by a quick and sustained recovery in measures of economic performance after a sharp economic decline.

Albayrak added employment package that the government is working on will continue to strongly reset the economic recovery process in the coming period.

He also proposed the banks to revisit their old practices and refresh themselves to adapt to the changes in the post-virus era.

"We expect you [banks] to perform work more compatible with the development goals of our country," he stressed.

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