Turkey's tourism industry, which brings in $35bn, is bracing for its worst year in decades
, an aerospace and construction conglomerate, had been making and assembling engine parts for America’s-35 stealth fighter jet since 2005. But when Turkey’s president, Recep Tayyip Erdogan, purchased a missile-defence system from Russia last year, the American government booted its-35 programme. Turkey’s air force has ordered 100 of the planes but has taken delivery of none. Turkish firms lost contracts worth an estimated $9bn. Kale was among those most affected. And then came covid-19.
A serious recession is under way. Exports have plummeted despite a weakening lira and unemployment is poised to reach record highs. A tourism industry that brings in $35bn is bracing for its worst year in decades. Kale has stayed the course, completing existing work on the-35, supplying Turkey’s budding defence sector and producing components for civilian planes, but continues to face turbulence.
Despite the gloom, there may be room for optimism for some firms. Multinationals had begun to rethink their reliance on China even before the pandemic struck, and are more likely to do so now. Turkey should be in a position to reap the rewards. Low labour costs, made even lower by a weak lira, proximity to European markets and a customs union with the, mean Turkey can strengthen its position in global supply chains, says Alicia Garcia-Herrero of Bruegel, a Brussels think-tank.
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