Introduction

At the end of 2019, COVID-19 outbreak that occurred in Wuhan, China’s Hubei Province, affected the whole world and locked life (McKibbin and Fernando 2020). COVID-19 is the ninth epidemic in the last century.

E. A. S. Ipek ∙ I. A. Acar (B)

Department of Public Finance and Financial Management, Izmir Katip Celebi University, Izmir, Turkey

E.A. S.Ipek

e-mail: elifa.sahin.ipek@ikc.edu.tr

© The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2022 151

B. Aftkgoz and 1. A. Acar (eds.), Pandemnomics: The Pandemic’s Lasting

EconomicEffects, Accounting, Finance, Sustainability, Governance & Fraud: Theory

and Application, https://doi.org/10.1007/978-981-16-8024-3_8 1918 (Loayza 2020). Of course, national economies are also affected in this process. 1n this respect, it is an international emergency, given that it has gone beyond the effects of the 2008 economic crisis (Loayza 2020). Due to the epidemic, each country is making significant changes in its financial management by allocating some of its activities and budgets to this area in order to prevent and reduce the spread of the virus and to provide assistance to economically affected social groups (Jaelani and Hanim 2020). Approximately 30 million people have been infected as of September 2020 in 213 countries of the world, and the number of fatal cases has reached one million. Of course, it will have important social, political and economic effects, apart from the health aspect of this situation. COV1D-19 outbreak, in general,

- 1s a pandemic that affects all countries, regardless of whether they are rich or poor.

- Emerged in a period when economies slowed down, oil prices fell and interest rates reached the bottom.

- Triggers anxiety and fear on production supply, logistics and end consumers. Consequently, it creates the biggest break on employment.

The study encompasses the devastating effects of the epidemic as well as the measures taken and an evaluation of the measures taken in Turkey in terms of their budgetary burden. The current debt burden and the impact of the new package of measures on debt burdens will also be evaluated within this scope.

The main thing here is that the epidemic interrupts social life due to the isola­tion and quarantine measures, thus slowing down the economic life and leading to unfulfillment of liabilities. 1n this process, for example, while the UK was unrespon­sive to the epidemic and awaited “herd immunity”, life in Denmark was completely stopped; France, Germany and Turkey gradually stopped economic life and restrictive measures were taken. As a result, it does not mean that the liabilities are suspended as the economic life stops. States should postpone its own receivables, give up some of it and make corporate or individual private liabilities sustainable through various financial facilities, and the unemployment problem to be experienced in this process should also be supported by various financing models. The study is important as it examines application of the mentioned various measures and models in different countries and addresses reflection of the measures taken in Turkey on the economy.

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