How will be the second half of 2021?

The global epidemic has changed all balances and indicators. The economy has entered a difficult and troubled period in our country as well as in the whole world. Current data and view shows that our economy, which deteriorated with the global epidemic -with the effect of the general economic contraction-, will not tend to recover in a short time. Uncertainty about the epidemic process -although it is not as much as the prior period- still continues. Vaccine and drug studies have accelerated and continue to give positive signals. Experts make statements and warn that the pandemic process may prolong with the increase of virus variants. In short, this situation feeds uncertainty and prevents investments. Risk appetite is very low.

Although the economy in our country has experienced a revival with tourism, the investor is still on the brakes against uncertainty. Exchange rate increases, energy and natural gas hikes, high inflation continue to put companies in a difficult situation from production. Unless there is a development that will remove uncertainty and bring the risk appetite back to normal, new investments will not be made. If the old and unfinished investments are finished and new investments do not follow, a more stagnant market structure will emerge after the second half of 2020. Capacity utilization rates will decrease, profitability and efficiency will decrease and collection will become more difficult. Even further, there may be companies that have stopped their operations. Our hope is not to reach this stage.