A total of 74 percent of Turkey’s small business owners are worried about an economic crisis triggered by the coronavirus pandemic, according to a survey conducted by REM People polling company.
The same percentage of business owners said they registered an increase in the number of debtors and saw increased credit card spending since the pandemic hit Turkey, Diken news site quoted the survey as saying.
In March, Turkey closed countless businesses and institutions to curb the rapidly growing number of COVID-19 cases. Although the government eased its pandemic measures on small businesses last month, demand for major products has plummeted after millions were placed on unpaid leave or saw their working hours severely curtailed as the Turkish lira tumbled against the U.S. dollar.
Twenty-two percent of those surveyed said the effects of the COVID-19 pandemic would last one to three months, 24 percent said three to six months, 21 percent said six to 12 months and 24 percent said they would last over a year.
The use of credit cards by small businesses operations reached 32 percent, according to the REM People survey.
Sixty-six percent of small business owners said they had credit card debt, up from 54 percent in January.