Economies of Turkey, Italy to bounce: Italian chamber

ISTANBUL

Turkey and Italy's economies will bounce in the manufacturing and tourism sectors when the wheels restart to turn amid the pandemic, the head of Italian Chamber of Commerce and Industry said on Monday.

All countries plan to reactivate their economies to revive the global trade after the COVID-19 outbreak, Livio Manzini stressed in a press release.

Several experts and economists believe Turkey will have an important role in global supply chains after the pandemic period, especially in its region.

Turkey and Italy have $20 billions of bilateral trade volume, he said, adding: "This shows we are in second place among the EU countries after Germany, and this success is not a coincidence, but a work of 135 years."

"This [pandemic] process, called the 'new normal', reveals another fact: Economies will be at the forefront now," he noted.

The manufacturing and tourism sectors are significant both for Turkey and Italy, he said, and added that investments should revive.

Fairs were critical for gathering the small and medium enterprises (SMEs) of the two countries, but they were canceled till 2021 due to the pandemic, he reminded.

Online meetings are planned to bring the SMEs together, he added.

The novel coronavirus, which first appeared in China last December, has spread to 188 countries and regions across the world, while Europe and the US economies were affected most.

Several sectors, especially the tourism, travel and manufacturing, have been affected from the pandemic deeply due to the measures to stem the virus, such as lockdowns and travel bans.

The virus has killed over 403,100 people worldwide, with total infections exceeding 7.03 million and nearly 3.15 million people having recovered from the disease, according to figures compiled by the US' Johns Hopkins University.