The potential economic effects of the earthquake in Turkey could result in a loss of up to 1% of the country's gross domestic product this year, the European Bank for Reconstruction and Development (EBRD) said in a report published on Thursday.
A man rides his bike along a collapsed Roman Catholic church in the aftermath of the deadly earthquake in Iskenderun, a coastal town of Hatay province, Turkey February 14, 2023. REUTERS/Umit Bektas/File Photocould result in a loss of up to 1% of the country's gross domestic product 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.on Feb. 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.
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