EGİAD Aegean Young Businessmen Association organized an online event evaluating the impact of COVID-19 on economy and companies and the digital skills that financial and accounting professionals should have in the transforming world. Young business world in the event that the item carefully, Global Finance and Accountancy ACCA Professional Association took place with Turkey and Emerging Economies Chairman Filiz Demirözü consideration. In the event, the potential scenario effects of EGİAD President Mustafa Aslan against the crisis attracted attention.
The effects of Covid 19 began to be felt in the world economy and the global business world in a short period of time. The companies that form the backbone of finance and accounting global transformation on the agenda, especially global health crisis of professional and will not remain indifferent to the destruction of these conditions, global finance and accounting professional bodies Chairman ACCA Turkey and Emerging Filiz Demiröz also assess the potential economic effects. Activity on the webinar EGİAD It started with the speech of the Chairman of the Board Mustafa Aslan. Aslan pointed out that Covid 19 is on the agenda of the whole world and significantly affects both organizations and employees and the way they do business. In this period when uncertainty prevails; he emphasized that it is very important for them to take action quickly by understanding the possible effects of this threat for employees, customers and business partners. EGİAD Chairman Aslan shared two different scenarios regarding the Covid-19 process and shared his optimistic scenario as a recovery in the medium term and pessimistic scenario as a recovery in the long term. Aslan expressed the optimistic scenario as follows: “According to the optimistic scenario, the increase of the disease will be prevented by physical isolation practices such as local and national quarantine, working from home and education. The dimensions of the outbreak will be measured with adequate tests. The virus will decrease with temperature increases depending on the season. In mid-May, optimism will prevail in societies in general. Especially in the northern hemisphere, the speed of its spread decreases with the warming of the weather. In autumn, the virus reactivates, but does not undergo a serious mutation, and thanks to the experience gained, social and economic mobility is provided. Even in this optimistic scenario, the economy is expected to experience stagnation until the end of the 2nd quarter. Improvements in monetary policies in the 1st quarter with the maintenance of low interest rates have a positive but limited effect; It will not be enough to prevent the economic loss in the 2nd and 3rd quarters. ” EGİAD Mustafa Aslan, the Chairman of the Board, made the following assessment for the possible pessimistic scenario: “It is based on the conditions of increasing in the USA and Europe by the middle of May. At the same time, the possibilities of the virus to survive throughout the year without being affected by the seasonal conditions are considered. As a result of the mutation that the virus can pass towards the end of the year, even countries that are successful in controlling the epidemic, such as China, have to take strict measures to prevent diseases from rising again. In this scenario, the global economic recession is affecting small and medium-sized companies much more deeply. Impact on service sectors such as aviation, travel, tourism is long-term and bankruptcies and mergers are experienced in the sectors that are most affected, especially these sectors. Throughout the year, layoffs and bankruptcies cause all sectors to weaken due to the snowball effect. Even under these circumstances, a large banking crisis is not expected, thanks to the banks' strong capital structures and macro prudential oversight. In this scenario, a strong impact is expected in the global economy, similar to the 2008-09 global financial crisis. ” Expressing that they wish the effect of the virus on the economy to remain in an optimistic scenario, Aslan completed his speech with the words: “At the end of this process, we move to a period that we produce more in the country, increase our export volume and decrease our current deficit”.
Finance and accounting global professional qualifications of the professional and licensing service offering and center with 54 offices in 101 countries in London professional organizations Acca Turkey and Emerging Economies Chairman Filiz Demiröz commented Covidien-19's economic impact. Demiröz referred to ACCA's research reports during this crisis.