THY: Opportunity emerges from the pandemic — September 2021

THY might just emerge from the pandemic as a stronger player, a super-connector in the cargo business as well as the passenger sector. Its recent financial results show it to be one of the first airlines to achieve a genuine turn-around, but can the recovery be sustained?

Covid-19 vaccination rates in Turkey has progressed fairly well (75% single jab) and the summer months saw an unexpected surge in tourist demand. The Turkish economy appears to be rebounding — the OECD forecasts 5.7% growth in real GDP this year compared to 1.7% in 2020.