The potential economic effects of the earthquake in Turkey could result in a loss of up to 1% of the country's GDP this year, the European Bank for Reconstruction and Development said in a report published on Thursday.
People walk past damaged buildings, in the aftermath of an earthquake, in rebel-held town of Jandaris, Syria February 15, 2023.The potential economic effects of the earthquake in Turkey could result in a loss of up to 1% of the country's GDP this year, the European Bank for Reconstruction and Development said in a report published on Thursday.
The bank added this is a “reasonable estimate” due to the expected boost from reconstruction efforts later this year, which will offset the negative impact to infrastructure and supply chains. “The earthquake affected to a large extent agricultural areas and areas where there is light manufacturing, so spillovers to other sectors are limited,” EBRD chief economist Beata Javorcik told Reuters.
Turkey and neighbouring Syria have been rocked by a devastating earthquake on February 6 which has killed more than 41,000 people and left millions in need of humanitarian aid, with many survivors having been left homeless in near-freezing winter temperatures. Growth for Turkey, the single biggest recipient of EBRD funds, has been revised down to 3% from 3.5% in 2023, without considering the impact of the earthquake in the estimates.
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