Syria loses 10% GDP to earthquake – World Bank

Oluwanifemi Ojo
Oluwanifemi Ojo
Turkey, Syria earthquakes

The World Bank has said the damage caused by the earthquake on buildings and infrastructures is estimated to be 10 percent of Syria’s Gross Domestic Product.

According to Reuters, this was in a statement released on Friday by the Bank where it described the damage as a broad but preliminary damage estimate.

The quake caused about $5.1 billion in direct physical damage in Syria, which continued the destruction already caused by years of civil war.

The World Bank said, “Damaged buildings include cultural heritage sites in historic areas of Syria.”

This publication recalls that Earthquakes which are 7.8 and 7.6 struck Turkey and Syria on February 6 and have left an unforgettable experience in the history of the country.

The part of Turkey that was struck by the quake accounts for about 15% of the country’s population.

Around 13.4 million people live there and contribute close to 10% of the country’s GDP.

The World Bank Country Director for the Middle East, Jean-Christophe Carret, said, “These losses compound years of destruction, suffering and hardship the people of Syria have been enduring over the past years.

“The disaster will cause a decline in economic activity that will further weigh on Syria’s growth prospects.

According to the World Bank, “Reflecting a degree of uncertainty around the preliminary assessment, estimates for total direct damages range between $2.7 billion and $7.9 billion, the Bank said. Its assessment does not cover broader economic impacts and losses for the Syrian economy.”

Meanwhile, in a report released on February 27, the Bank stated that the earthquakes in Turkey, where at least 45,000 people have died as a result of the quakes, cost $34.2 billion in direct physical damage. According to authorities, more than 5,900 people have died in Syria.

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