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THE PANDEMIC YEAR: 2020

21 September 20202 min reading
Editor Cemalettin Kanaş

2020 continues to be a year marked by the coronavirus pandemic. It is almost certain that historians who will write the history of the 21st century will call 2020 the "pandemic year". Of course, unless a bigger disaster will not come about in the remaining three months of the year...

In the early months of the coronavirus crisis, decision-makers hoped for a V-shaped recovery. According to this optimistic plan, the pandemic would be stopped or controlled quickly and economic activities would bounce back. However, this was not the case. Gaining strength from also our negligence, the virus turned out to be a much more fierce enemy than supposet.

At this point, global gross domestic product shrank by 15.6 percent in the first six months of the year. This figure means four times the impact of the 2008 crisis, which is imprinted on the memories. But the names at the helm of economies are not waiting tied. Thanks to the results of the measures taken by the governments, the IMF announced its annual contraction expectation for the world economy as 4.9 percent.

While vaccine development efforts are continuing at full speed in different points of the world, articles, that discarded even 2021 to eradicate the virus and recommending that all plans should be made accordingly, were published in the world press. Experts say that the world economy will reach the pre-crisis level by the end of 2021 at the earliest.

Under the shadow of all these developments, the food and feed industries are trying to find solutions to problems such as increasing input prices on the one hand and disruptions in supply chains on the other. We should not ignore the possibility that the final solution to the corona crisis will take longer than expected, and we should be prepared for even the worst scenarios.

See you in the next issue.

I wish you a pleasant reading.

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