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Turkey’s top business club urges Erdoğan to introduce stricter measures

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Turkey’s top industrialists are calling on President Recep Tayyip Erdoğan to introduce stricter measures to fight the coronavirus and boost a stimulus to kick-start the economy once the pandemic is over, according to Bloomberg.

The board of the Turkish Industrialists and Businessmen’s Association (TÜSİAD) penned a letter to the Turkish president after he announced a 100 billion lira ($15.4 billion) package of tax cuts and payment deferrals to support the economy, according to people familiar with the matter.

In the letter the business chiefs said Turkey needs a bigger government support program to mitigate the economic fallout from the spread of the coronavirus, according to the people, who asked not to be identified discussing the matter.

Their call on the Turkish leader shows growing discomfort among the country’s most influential businesses as they seek support to offset the weakening demand at home and in export markets led by Europe.

Hundreds of thousands of businesses have shut down, while a gauge of confidence among Turkish manufacturers fell by the most since the 2008 global financial crisis. That is even though the number of coronavirus cases at 3,629 is still relatively mild.

A likely plunge in revenues from tourism and foreign demand for exports will outweigh gains from lower oil prices, Fitch Ratings said. According to Moody’s, the cumulative contraction in gross domestic product from April through September could reach 7 percent.

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