Finance Minister Berat Albayrak said that Turkey was an exception to the global financial crisis emerging in the aftermath of the COVID-19 pandemic. The minister said that Turkey has been outperforming other countries in "all measures of economic success."
Former deputy Finance Minister Ali Babacan's Democracy and Progress Party (DEVA) said that the Turkish Statistical Institute's (TÜİK) March unemployment data didn't reflect the reality of mass layoffs during the COVID-19 pandemic and was inconsistent. The TÜİK data showed a dip in unemployment from 2019, as well as a decrease in employment and workforce participation rates.
A nationwide ban on layoffs will be extended for another three months after mid-July, news broadcaster NTV reported. A new "employment shield" financial aid package is predicted to include continued cash aid to workers on unpaid leave as well as incentives for employers to hire new employees.
The unemployment rate among Turkey's young population, ages 15 to 24, has surged to 25 percent in December of 2019, higher than the past six years' rates, the Turkish Statistical Institute (TÜİK) revealed March 10. The average unemployment rate has also risen from 2018 to reach 13.7 percent.