The deteriorating economic conditions, financial crises, and living difficulties have adversely affected the corporate sector in Turkey. The number of closed companies in Turkey has risen during the first six months of 2023.
According to a recent report by the Union of Chambers and Commodity Exchanges of Turkey (TOBB), for the month of July, (11,559) companies and (449) cooperatives were closed in Turkey from January to July. Looking at the annual percentage change, the number of closed companies increased by 0.1%, and the number of closed cooperatives decreased by 0.3%.
The number of companies established in the past month decreased by 1.1% compared to June, from (9,429) to (9,326) companies. Meanwhile, the number of companies that closed during the same period increased by 10.7% to (2,067) companies.
In a context related to economic crises, the Japanese bank Nomura revealed that Turkey is at risk of a currency crisis in the next 12 months. This will negatively impact the exchange rate of the Turkish lira against foreign currencies.
According to an index prepared by Nomura Bank, Turkey, along with the Czech Republic, Sri Lanka, and Romania, is at risk of currency crises in the next 12 months.