Turkey earthquake may cost Ankara $84.1bn – Group  

Oluwanifemi Ojo
Oluwanifemi Ojo
Turkey, Syria earthquakes

A business group has estimated that the impact of Turkey’s earthquake may cost the state capital, Ankara about $84.1 billion.

This was based on the report that was published over the weekend by the Turkish Enterprise and Business Confederation.

According to the estimation, $70.8 billion would be for the repairs of affected areas.

An amount of $10.4 billion accounts for national income losses. Also, $2.9 billion from loss of working days.

According to Reuters, a government personnel estimated it to be above $50 billion.

The earthquakes which are 7.8 and 7.6 struck Turkey on  February 6. The quakes have left an indelible experience in the history of the country.

Reuters reported that the death recorded is close to 36,000, which is still predicted to rise as attention is now drawn to helping out the affected victims.

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 executive director of IMF, Mahmoud Mohieldin said, “The earthquake’s impact on gross domestic product is unlikely to be as pronounced as after the 1999 earthquake in northwest Turkey which struck the industrial heartland.”

“After the initial impact over the next few months, public and private sector investments in rebuilding could boost GDP growth going forward,” he added.

According to Reuters, some officials and economists estimated that the earthquake would drop the rate of economic growth by two percent in 2023.

Meanwhile, the 10 affected provinces have been placed under a three-month state of emergency.

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