Turkish Cypriot Economy, March 2021 : Impact of the COVID-19 Pandemic – A Path to Building Back Better

The special topic of this edition of the Macroeconomic Monitoring report focuses on the TC administration’s ‘public’ financial support to the agriculture sector. Due to the Turkish lira depreciation, the recent adverse climate conditions, and exace...

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Main Author:	World Bank Group
Format:	Report
Language:	English
Published:	World Bank, Washington, DC 2021
Subjects:	ECONOMIC GROWTH CURRENT ACCOUNT FISCAL TRENDS CORONAVIRUS COVID-19 PANDEMIC IMPACT POLICY RESPONSE JOBS ENTERPRISE SURVEY INEQUALITY ECONOMIC RECOVERY AGRICULTURE PUBLIC SUPPORT
Online Access:	http://documents.worldbank.org/curated/en/774861620796239281/Turkish-Cypriot-Economy-Impact-of-the-COVID-19-Pandemic-A-Path-to-Building-Back-Better-Special-Issue-Improving-the-Effectiveness-of-Public-Funds-in-Agriculture http://hdl.handle.net/10986/35588

id	okr-10986-35588
recordtype	oai_dc
spelling	okr-10986-355882021-05-18T05:11:15Z Turkish Cypriot Economy, March 2021 : Impact of the COVID-19 Pandemic – A Path to Building Back Better World Bank Group ECONOMIC GROWTH CURRENT ACCOUNT FISCAL TRENDS CORONAVIRUS COVID-19 PANDEMIC IMPACT POLICY RESPONSE JOBS ENTERPRISE SURVEY INEQUALITY ECONOMIC RECOVERY AGRICULTURE PUBLIC SUPPORT The special topic of this edition of the Macroeconomic Monitoring report focuses on the TC administration’s ‘public’ financial support to the agriculture sector. Due to the Turkish lira depreciation, the recent adverse climate conditions, and exacerbated by the COVID-19 crisis, the agriculture sector suffered significantly in 2020. However, the severe impact on the sector was also the result of several long-standing inefficiencies and low productivity. Financial support from the central budget for agriculture comes at a significant fiscal cost to the overall TC economy, while at the same time agricultural productivity has been stagnating. The COVID-19 pandemic has served to exacerbate these existing challenges through disruptions along the food value chain. These problems have affected small-sized farmers the most, given that they are the most vulnerable to income shocks and higher retail prices. Reforming the subsidy system for agriculture could help generate greater fiscal space in the medium term, and also help foster economic diversification and enhance productivity. 2021-05-17T18:53:27Z 2021-05-17T18:53:27Z 2021-03 Report http://documents.worldbank.org/curated/en/774861620796239281/Turkish-Cypriot-Economy-Impact-of-the-COVID-19-Pandemic-A-Path-to-Building-Back-Better-Special-Issue-Improving-the-Effectiveness-of-Public-Funds-in-Agriculture http://hdl.handle.net/10986/35588 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Economic Updates and Modeling Europe and Central Asia Cyprus
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ECONOMIC GROWTH CURRENT ACCOUNT FISCAL TRENDS CORONAVIRUS COVID-19 PANDEMIC IMPACT POLICY RESPONSE JOBS ENTERPRISE SURVEY INEQUALITY ECONOMIC RECOVERY AGRICULTURE PUBLIC SUPPORT
spellingShingle	ECONOMIC GROWTH CURRENT ACCOUNT FISCAL TRENDS CORONAVIRUS COVID-19 PANDEMIC IMPACT POLICY RESPONSE JOBS ENTERPRISE SURVEY INEQUALITY ECONOMIC RECOVERY AGRICULTURE PUBLIC SUPPORT World Bank Group Turkish Cypriot Economy, March 2021 : Impact of the COVID-19 Pandemic – A Path to Building Back Better
geographic_facet	Europe and Central Asia Cyprus
description	The special topic of this edition of the Macroeconomic Monitoring report focuses on the TC administration’s ‘public’ financial support to the agriculture sector. Due to the Turkish lira depreciation, the recent adverse climate conditions, and exacerbated by the COVID-19 crisis, the agriculture sector suffered significantly in 2020. However, the severe impact on the sector was also the result of several long-standing inefficiencies and low productivity. Financial support from the central budget for agriculture comes at a significant fiscal cost to the overall TC economy, while at the same time agricultural productivity has been stagnating. The COVID-19 pandemic has served to exacerbate these existing challenges through disruptions along the food value chain. These problems have affected small-sized farmers the most, given that they are the most vulnerable to income shocks and higher retail prices. Reforming the subsidy system for agriculture could help generate greater fiscal space in the medium term, and also help foster economic diversification and enhance productivity.
format	Report
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	Turkish Cypriot Economy, March 2021 : Impact of the COVID-19 Pandemic – A Path to Building Back Better
title_short	Turkish Cypriot Economy, March 2021 : Impact of the COVID-19 Pandemic – A Path to Building Back Better
title_full	Turkish Cypriot Economy, March 2021 : Impact of the COVID-19 Pandemic – A Path to Building Back Better
title_fullStr	Turkish Cypriot Economy, March 2021 : Impact of the COVID-19 Pandemic – A Path to Building Back Better
title_full_unstemmed	Turkish Cypriot Economy, March 2021 : Impact of the COVID-19 Pandemic – A Path to Building Back Better
title_sort	turkish cypriot economy, march 2021 : impact of the covid-19 pandemic – a path to building back better
publisher	World Bank, Washington, DC
publishDate	2021
url	http://documents.worldbank.org/curated/en/774861620796239281/Turkish-Cypriot-Economy-Impact-of-the-COVID-19-Pandemic-A-Path-to-Building-Back-Better-Special-Issue-Improving-the-Effectiveness-of-Public-Funds-in-Agriculture http://hdl.handle.net/10986/35588
_version_	1764483387301560320

Turkish Cypriot Economy, March 2021 : Impact of the COVID-19 Pandemic – A Path to Building Back Better

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