Great Recession

Policy makers across the world are moving quickly to provide financial support to their economies, which are, in all likelihood, in deep recession. Given the unprecedented economic uncertainty associated with Covid-19, the depth and breadth of the downturn is hard to quantify. However, the global economic recession is unlikely to be short-lived.

An international fund under the auspices of the G-20 should be initiated to ensure an adequate and coordinated global action against the coronavirus, the Turkish foreign minister has said, a day before G-20 leaders are set to hold a videoconference to discuss what can be done in the fight against the fatal pandemic.

The COVID-19 pandemic will dramatically increase global unemployment. Approximately 25 million people to lose their jobs, the United Nations said.

"The economic and labour crisis created by the COVID-19 pandemic could increase global unemployment by almost 25 million", says a new study by the International Labor Organization.

Retail prices in Istanbul, Turkey's largest city, increased 1.07 percent in June from the previous month, data from the Istanbul Chamber of Commerce (İTO) have shown.

That followed a 0.45 percent increase in November.

According to the International Monetary Fund (IMF), the global economy has been growing slowly during the global financial crisis. Experts see the reasons for this in trade conflicts and geopolitical risks.

House sale prices are projected to continue rising in 2020, as market professionals consider the existing momentum to be sustainable.

The average growth rate this year is already approaching 10 percent compared to 2018, although in the center of Athens, where demand is greatest, asking prices have risen by 30 percent.

Turkish president on June 30 visited an Ottoman-themed exhibition in Kyoto city of Japan after finishing his official talks in line with the G20 summit in Osaka city.

The bitter U.S.-China trade war and signs of slowdown in the global economy have overshadowed a two-day Group of 20 (G20) summit that kicked off in Osaka, western Japan, on June 28 with a session on the world economy and trade.

Greece is by no means a member of the group of the 20 most powerful economies in the world and has no place at the table at the Osaka summit meeting on Friday and Saturday.

A meeting of the Turkish and U.S. presidents during the G20 summit in Japan could help resolve the issue of Turkey's purchase of Russian S-400 defense systems, said NATO's chief on June 27.