Conclusion

While the virus, which was initially thought to have limited effects at the regional level, caused a serious health threat all over the world, its economic impact was unfortunately devastating for both developed and developing countries.

In this process, the countries’ competent authorities took measures against the pandemic with a wide set of economic tools. Among the aims of these measures were reducing the volatility which is almost unprecedented in the markets, contributing to financial stability in economies, supporting economic activity by keeping credit channels open and keeping the loss of workforce at a low level.

The first and clearest response of developed and developing countries to the pandemic was the sharp cut in policy interest rates with extraordinary meetings and the simultaneous commissioning of other policy tools. During the pandemic, both fiscal and monetary policies were eased as much as possible. While policy rates, which were at low levels in developed countries before the pandemic, approached to zero with the spread rate of the pandemic, developing countries used the area opened during this cutting process without hesitation. The pandemic brought with it a period in which extraordinary policies were quickly implemented. Countries have struggled intensely to keep their economies alive with interest rate cuts, bond purchases, additional liquidity supports, dollar swap agreements, loan restructuring and postponement and additional loan support programs.

The global pandemic has been a sad development for all people. Although the large-volume liquidity measures announced by governments and central banks limited the panic that occurred at the first time in the markets, 2020 went down in history as economically the most difficult period of the last 100 years.

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Umit Qevik works as Financial Analyst in Ziraat Participation Bank, Istanbul, Turkey in the SME and corporate segment department. He consults as a financial analyst in the fields of financial anal- ysis/credit evaluation of companies. His specialized areas are financial reporting standards, project analysis, financial analysis, loan allocation. He joined a lot of training in the field of cash flow analysis and he has graduation from MBA programme in Bahφegehir University.

Belgin Yakι⅛an Mutlu is working as a Business and Financial Correspondent, Anatolian Agency. Through her work, Ms. Yakisan Mutlu engages with the economic and financial ministries of the government as well as a multitude of state-owned financial institutions and private finan­cial institutions. She was deemed worthy of awards in the categories of financial research by MUSlAD. She worked as a Private Consumer Representative at Garanti Bank between 2010­2012, as a trainee in the Communications and Foreign Relations Department at Central Bank of the Republic of Turkey in 2010, as an analyst at Association of Economic Enterprise and Business Ethics between 2008-2010. She has had a bachelor’s degree from the Faculty of Economics and Administrative Sciences, Marmara University in 2010. She has presented her study titled “Using Weak Instrumental Variables Method for Investigation of the Effect of Education on Income” at the International Symposium on Econometrics Statistics and Operations Research of Pamukkale University in Denizli, Turkey.