February 19, 2023, 13:50 – BLiTZ – News
The economic damage from the strongest earthquake in Turkey in a century, according to preliminary data, amounted to about ten percent of GDP. About what economic consequences for the Turkish economy can be expected after a natural disaster, RIA Novosti reports.
An earthquake of magnitude 7.7, with its epicenter in the southern province of Kahramanmarash, has killed more than 38,000 people and destroyed about 400,000 residential and industrial buildings in ten provinces, the source said. Economic losses for Turkey, according to preliminary government data, amount to at least $50 billion. The source notes that this does not include the cost of reconstructing destroyed buildings.
In addition, Turkish President Recep Tayyip Erdogan intends to pay compensation to affected families and take care of their temporary residence.
Experts and analysts point out that Turkey’s recovery from the disaster will require attracting foreign investment. Experts singled out the EU countries, Russia and China among possible creditors.
The source notes that most analysts expect the construction of the gas hub to continue, since this project is of economic interest to the country. Analysts also suggest that this will serve as an additional source of income that will be used to restore infrastructure.
Earlier it was reported that party members are offering Turkish President Recep Tayyip Erdogan to postpone the presidential election from May 14 to June 18, but he refuses to do so. Read more about this in the BLiTZ article.
