The European Bank for Reconstruction and Development (EBRD) estimates that Turkey's economy could shrink by 1% due to Feb. 6 earthquake. The estimate accounts for both the damage caused by the earthquake and the expected economic boost from reconstruction efforts.
- The
7.8 magnitude tremor killed at least 41,000 people in Turkey and
neighboring Syria and left hundreds of thousands homeless and in need of
humanitarian support.
- The devastation will hurt the
infrastructure and supply chain sectors but since the quake struck
mainly agricultural areas, its overall economic impact will be limited,
the bank said.
- The EBRD revised its 2023 growth forecast for
Turkey from 3.5% to 3% — without accounting for the damage caused by the
earthquake to the country's economy.
- Turkey is the single biggest recipient of EBRD funds.
- National elections slated for June could be postponed due to the destruction, according to government officials.
- Under the Turkish constitution, elections can only be delayed by one year in the case of war.
- Opposition leader Kemal Kilicdaroglu wants the elections to go ahead as planned.
