Wednesday, 03 June 2020

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Turkish economy accelerates the end of Erdogan Turkish economy accelerates the end of Erdogan

Turkish economy accelerates the end of Erdogan

Abu Dhabi, United Arab Emirates:- The Turkish economy is receiving strong shocks under major economic policies, yet The rate of closure and liquidation of commercial companies in Turkey rose, said Moody's International Credit Rating Agency report, a, the Turkish economy is exposed to many risks.

Moody's International Credit Rating Agency also stressed that the strained relations between Turkey and the European Union, as well as the poor relations between the United States and Turkey, increase the risks to the Turkish economy.

The official reports also recorded a 20.73% increase in the rate of closure and liquidation of commercial companies across Turkey, during the month of September 2019, compared to the previous month.

The data of the Federation of Turkish Chambers and Stock Exchanges recorded an increase in the number of companies established in Turkey by 45.18% during September 2019, compared to the previous month, 22.47% increase in the number of cooperative companies, and 43.72% increase in the number of commercial companies in the same period .

Liquidation and closure of companies increased by 20.73% during the month of September 2019, and the ratio between cooperative companies about 47.83%, while the ratio reached about 28.98% among commercial companies, pointing out that the percentage of closed companies during the first nine months of this year, witnessed an increase of 5.50 Compared to the same period last year.

Turkish banks continue to seize the property of debtors in light of the turmoil in the Turkish economy, forcing the majority to declare their companies bankrupt.

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