Impact of COVID-19 on Turkey Economy Market Trends, Industry Analysis and Forecast - 2025

Turkey is a dynamic and emerging economy across the globe. The major industries in the country include food processing, textile, and automobile. The country’s food processing industry is diverse and emerging; however, the economic recession significantly affects the operations of this sector. As per the Turkish Statistical Institute (TSI), in 2017, there were 595 beverages producing and 47,617 food processing enterprises in the country. The country has an established and advanced food processing industry, which accounts for 16% of all production in Turkey. In 2018, there were 611 foreign direct investments (FDIs) in the food and beverage production, which includes German, Dutch, French, the US, Italy, Russia, Iran, and Switzerland.

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The operations of some crucial companies getting affected by COVID-19 outbreak include ASELSAN A., TEMSA, Menderes Tekstil, Arçelik A., and Otokar Otomotiv ve Savunma Sanayi A.

Turkey is one of the exporters of processed food products to the US and across the globe. Food processing is a developed industry in the country with good quality products and competitive pricing than the US and Europe. Despite the potential base of agricultural production, Turkish companies import food additives, including artificial sweeteners and coloring additives. These food additives are sold as mixes with the original brands or under a Turkish brand. The major food processing companies in the country include Anadolu Efes, Ülker Bisküvi, Et ve Balik Kurumu, and Türkiye eker Fabrikalar?. These food processing companies are currently facing the concern of low production output owing to the government restrictions to limit the spread of COVID-19.

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The Turkish government is under pressure to impose complete lockdown in the country owing to the surging cases of COVID-19 in the country. On 1st April 2020, Turkish Health Minister said that there are 2,704 new incidences of coronavirus reported in the country and 214 people lost their lives with the disease. As a result, most of the food companies operating in the country will likely suffer from financial problems which can affect their production capability. As the whole world is facing this crisis, the country’s FDI for food processing sector will be affected which in turn, is expected to affect the growth of Turkish food processing industry in 2020.

Food processing companies are applying for loans to meet their needs in this difficult situation. For instance, on 2nd April 2020, Ulker Biskuvi, one of the largest food companies obtained a $455 million syndicated loan for three years with an interest payment every six months. The financing is planned for the company’s strategic investment projects. Further, the Turkish government is taking measures to reduce the impact of coronavirus on the economy. On 18th March 2020, the government declared relief package, which comprises tax cuts across several sectors and debt payment delays, following a meeting regarding the measures to deal with the pandemic held in Ankara.

Verticals Affected Most

• Textile
• Food and Beverage
• Automobile
• Electronics
• Others (Paper)

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