Although it is still difficult to specify the cost of the earthquakes that have devastated Turkey, several experts point out that the damage could exceed $4 billion, cutting the growth of the Turkish economy by 2% this year (the Turkish government estimated a growth rate by 2023 of 5%), and reducing the budgetary capacity of the State due to the reconstruction efforts in the area affected by the earthquakes, larger than Portugal and which represents 9.3% of the national GDP. Production in the affected provinces is expected to fall by 50% and not recover for 6-12 months. Turkey’s southeast accounts for 8.5% of the country’s exports and 6.7% of its imports, although the balance of payments is unlikely to suffer, according to economists.
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Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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