World Bank Country Director for Turkey Auguste Tano Kouamé answered the questions of the business world

Guest of the series of online events "YASED United" initiated by the International Investors Association (YASED) for the regular exchange of information and experiences by its members and stakeholders in tackling with the COVID-19 and organized eight times up to now was the World Bank Country Director for Turkey Auguste Tano Kouamé. During the web seminar, the current and potential impacts of the global pandemic on the Turkish economy as well as the economic measures that must be implemented by Turkey in the fight against the coronavirus and thereafter were discussed.

 

'It is necessary to act in a bold and coordinated way'

Delivering a speech during the web seminar also attended by YASED's Chairperson Ayşem Sargın and Secretary General Serkan Valandova, the World Bank Country Director for Turkey Auguste Tano Kouamé made the following remarks:

“This crisis is unlike any previous crisis in terms of the speed and extent of its global spread.  As in many other countries, initial indications show that the economic impact of the crisis will be deep and widespread also for Turkey. This situation requires bold and coordinated action, combining pandemic containment measures intended for flattening the pandemic curve and saving people's lives with measures to mitigate the economic impacts of the crisis, with particular focus on the protection of human capital and employment, the financial sector, supply chains, and production-oriented assets. All of these will be needed to support the exit from the crisis.”

 

Crisis management will be decisive for future winners

Stating that they held a very efficient web seminar, YASED Chairperson Ayşem Sargın underlined that the information provided by Kouamé, an economist monitoring many other regions of the world in addition to Turkey, on the Turkish economy in the wake of the global pandemic process was quite valuable for them. Emphasizing that this crisis we were going through could end up as a long-term weakness in economic terms and that, however, countries which were highly integrated with global supply chains and internalized digitalization would come out of the crisis with the least damage and significant advantages for the future, Sargın said:

“This crisis has showed us once again how critical the two important subjects constantly underlined by YASED during the previous period are for the success of countries and companies: good integration with global supply chains and boosting competitiveness through digitalization."

Sargın went on to say: “How countries manage this crisis will be decisive for the winners of the future. If Turkey can successfully implement the crisis management in industry and position itself as a safe source country, it can create new areas of growth in the post-crisis period where supply chains will be diversified at global level. During this period of uncertainties, it is of great importance to establish a long-term trust in the domestic and foreign markets and manage expectations properly through the measures taken regarding the economy. Diversification of our intermediate goods suppliers, the creation of logistics alternatives and the expansion of our product range in a way to take advantage of new opportunities are some of the important steps to increase our share within the global supply chain.”

Also stressing the importance of digitalization, Sargın said: "One of the leading drivers that will be vital for the quick recovery of the Turkish economy in the post-crisis period will be digitalization."

Sargın also made the following comment: "It is very important for Turkey to more rapidly focus on this issue during and after the crisis. As for digital transformation, subjects such as the improvement of the supplier ecosystem and the development of cooperation mechanisms with the manufacturing industry, the preparation of new-generation support packages contributing to companies at an earlier stage and yielding results more rapidly as well as the improvement of the competences of our most important capital, which is human resources, must be turned into priorities."  


With contributions of Vodafone