Monthly Report No. 3/2021

Chart of the month Global trade expansion stalled even before the COVID-19 pandemic by Vasily Astrov Opinion Corner How to explain the deteriorating trend in Turkey’s economic performance? by Serkan Cicek After an economic boom throughout the 2000s, Turkish growth has slowed markedly over the past decade, in tandem with a sharp currency depreciation. We argue that the main reasons for this are an overly high dependence on imports, the high level of foreign exchange indebtedness in the non-financial sector and increased authoritarianism. An improvement in economic performance would require a more active industrial policy, measures to be taken against currency mismatches and the creation of a safe investment environment. Is higher COVID-19 mortality hurting economic growth? by Branimir Jovanovic Countries that have had a higher death toll during the COVID-19 pandemic have experienced a steeper decline in GDP, even after accounting for other factors, such as the stringency of the restrictions imposed. This implies that a no-lockdown policy is also costly for the economy, because of the higher mortality it causes, and that until the pandemic is brought under control, economic activity is likely to remain anaemic. What do we know about the pharmaceutical companies producing vaccine for COVID-19? by Mahdi Ghodsi The COVID-19 pandemic has claimed many lives and has upset people’s existence, social norms and international economic patterns. However, coordinated efforts by governments, international organisations such as the World Health Organization (WHO) and pharmaceutical companies are starting to yield results. This article describes some features of the major producers of COVID-19 vaccines and of the pharmaceutical sector generally. Some of the firms own swathes of patents, possess large quantities of fixed intangible assets and have very high labour productivity, suggesting that they are very innovative. Monthly and quarterly statistics for Central, East and Southeast Europe