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Earthquake in Turkey. The economic effects have been estimated

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The earthquake in Turkey will have economic consequences for the country. According to a report published on Thursday by the European Bank for Reconstruction and Development, they may amount to 1 percent of GDP.

“Agricultural and light manufacturing areas were largely affected by the earthquake, so spillovers to other sectors are limited,” said EBRD chief economist Beata Javorcik. The analysis highlights that the investments resulting from the reconstruction of countries will to some extent offset the losses caused by the destruction of infrastructure and the interruption of supply chains.

Previously, businessmen from the Confederation of Enterprises and Business (Turkonfed) estimated that the economic losses caused by last week’s earthquake could amount to more than 80 billion dollars, or about 10 percent of the GDP. GDP. According to them, the value of destroyed Turkish residential buildings alone will exceed USD 70 billion.


Economic forecasts for Turkey

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Projected economic growth Turkey, the largest recipient of EBRD funds, was reduced from 3.5 to 3 percent. GDP in 2023, excluding the impact of the earthquake. Murat Kurum, Turkey’s Minister of Environment and Spatial Planning, said on Wednesday that more than 50,000 additional buildings had to be demolished in the 11 provinces affected by the earthquake. buildings, which, due to the damage caused by the shocks, pose a serious risk.

Most of them – over 10 thousand. – is located in the southern province of Kahramanmaras.

Earthquake in Turkey and Syria

The epicenter of the 7.8 magnitude earthquake that hit southeastern Turkey and northwestern Turkey on Monday morning Syria, was located in the Turkish province of Kahramanmaras. Less than 12 hours later, a second 7.7-magnitude quake occurred several dozen kilometers to the north. Both phenomena were accompanied by a series of over 100 aftershocks. The affected region of south-eastern Turkey and north-western Syria is seismically active and tremors are frequent. However, the latter is the most powerful cataclysm of this type in this region in recent times. In 1999, an earthquake in Izmit, Turkey, killed 17,000-18,000 people. Measurements showed that the quake had a magnitude of 7.6. The deadliest earthquake in the history of seismic measurements was recorded in 1976 in the Chinese province of Tangshan. The official figures of the authorities spoke of 250,000 victims. They were probably greatly underestimated, because some sources gave the number of people killed as high as 650,000. The Tangshan cataclysm had an official magnitude of 7.5 on the Richter scale, although other measurements indicated as high as 8.2. 9.5 degrees had the strongest recorded quake in history, in 1960, in Chile. More than 1,650 people died then.

Main photo source: EPA

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