The Largest Global Depression of the Last Century At the Door

the greatest global crisis of the last century at the door
the greatest global crisis of the last century at the door

EGİAD The Aegean Young Businessmen Association continues to continue its seminars as a webinar due to Covid 19. Situated between Turkey's most powerful civil society organizations EGİADlast guest of Kadir Has University International Relations Department Lecturer, Foreign Policy Specialist, Political Scientist and Writer Soli Özel.


“Will everything remain as before? Will it be completely different? ” Business representatives showed great interest in the seminar titled. Speaking at the event, moderated by the Board Member Baran Kayhan EGİAD Chairman of the Board Mustafa Aslan stated that Covid-19 is now causing a global, economic and social crisis beyond being a health problem and stated that the crisis management efforts in the world are continuing at full speed in this context.

Health Crisis Turns into Financial Crisis

Noting that the global epidemic caused the economic and financial system that is already experiencing problems to 'metastasize' EGİAD President Mustafa Aslan said, “The measures taken to protect public health can reduce economic mobility and risk the financial well-being of citizens and institutions. Rapidly increasing liquidity and debt-paying difficulties are shaking many industries deeply, despite governments and central banks' efforts to keep financial systems up and running. The fact that the effects of this process on gross output and employment are completely uncertain, weakening the trust in the business world and a health crisis turns into a financial crisis. ”

The Biggest Loss of Global Income of the Last Century

He also touched on the analysis made by McKinsey Global Institute, one of the world's leading consultancy firms. EGİAD Emphasizing that the measures taken against the virus will cause the biggest decline in the income of the people in the last century, he said, “In Europe and America, it is expected that there will be a much greater loss of income than the quarterly economic depression and the depression in 1929. . Resisting these challenges is a vital necessity. Cash management is of great importance in short-term matters such as liquidity and debt solvency. However, the business world needs far more comprehensive resistance plans to manage the shock waves that will come after the difficulties in this short term, which can upset the sector and competition structures. As I have already mentioned, there is a need for solutions that contribute to the income statement. It will create opportunities for learning from social innovation and experiments in many areas, such as working from home after the epidemic. In this way, an understanding of which innovations will contribute to economic and social welfare and which will prevent the development of the society will be developed. ”

Attention to 3 Polarization in World Order

Soli Özel, who made a satisfying and detailed presentation, started her speech by reminding that she said that 'Nothing will be like now anymore' for the last 25 years, but that it is not possible to reach the hoped point even if it was not before. In his speech, which seeks to answer the questions of whether the superiority of the West is ending or Asia is rising, Ozel said, “Today, Asia has the most dynamic economy in the world. The most populous continent. In 1980, one in five people was Chinese, and its contribution to the world economy was 1.5%. Now, one out of every five people is Chinese, and its contribution to the world economy is 16%. The extremely important goods of Western economies are sourced from China. After this crisis, the USA and China will be poles. I hope the EU will manage to be the 3rd Pole for balance. If the EU is not polarized, we as the Earth can suffer greatly. ” Noting that the finance sector could not overcome this process easily as the capital sector survived the 2008 crisis, Ozel said, “The most important point in this process is the change of perspective. Understanding how important the manufacturing industry is. Now, it will be avoided to depend on foreign countries in the supply of necessities. ” Emphasizing that the comfort of migration and travel will disappear compared to the past, Soli Özel said that a world order will be dominated by getting away from urbanization and increasing the life in the villages and where local administrations cooperate with central power. Is Turkey an opportunity at this point? Clarifying the question, Soli Ozel emphasized that our country can be managed rationally, and that it can achieve peaceful opportunities with the world financial systems and its predictive point of view.



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