Among all the international organizations, the Organisation for Economic Co-operation and Development (OECD) has been one of the most hardworking institutions in the field of growth and development at country, region and global levels since the day it was founded.
During the coronavirus pandemic, the organization has emphasized three main pillars for stronger and more sustainable growth:
Developing resistance is defined as reducing the risks caused by macroeconomic shocks, minimizing the effects of such shocks and improving the recovery capacity of a country's economy.
All of these elements are directly linked to a country's economy that has a developed the capacity for national savings during difficult times and events.
Interestingly, the coronavirus pandemic caused a significant savings leap for all of the world's leading economies.
Reports by the world's top institutions show that the increase in savings on a global scale has reached $5.4 trillion.
It is said that if there is a decline in risk perception regarding the pandemic that it would cause these savings to move. This spike in global savings could have a boosting effect of up to two points in global growth.
In order for countries' economies to be more resistant to the next possible global shock, they will need better health care, stronger infrastructure and new regulations that will allow them to take swifter action against possible shocks.
This is what the current pandemic has shown us.
Of course, for countries to be more resistant to such global crises in the short- and long-term future, it is also necessary to prepare "shock-absorbing" measures in advance for the country's economy.
The country's banking system, public finance, central bank and nongovernmental organizations representing the private sector should now all be more prepared for shock-absorbing measures that can be quickly implemented.
In terms of increasing economic dynamism, Turkey is one of the luckiest and most ambitious countries in the world.
This is because Turkey is a great example with its ability to compete, to reach new customers in different geographies around the world, to create new opportunities and support mechanisms for entrepreneurs.
Nevertheless, even when the coronavirus spread ends, just like the rest of the world, Turkey will also need to take critical steps toward a digitalized business life, new-generation remote working conditions and changes to employee-employer relations and regulations in working life to render the labor market more flexible.
In addition to this, it will be more important than ever for countries to create a strong innovation ecosystem and a dynamic business network for entrepreneurs at all levels.
In this context, there is no doubt that new approaches toward the more efficient and effective use of limited resources in the economy are inevitable.
Turkey, while continuing the fight against the global pandemic, will seek to add important elements to its new-generation economic reforms and to accelerate steps to support its position in the global system even further.
