On Monday, the World Bank estimated that Turkey’s rehabilitation and recovery expenses might be twice as large as the $34.2 billion in direct physical damage from two massive earthquakes on Feb. 6.
Humberto Lopez, World Bank country director for Turkey, told reporters that the earthquakes would cut at least half a percentage point from Turkey’s expected GDP growth of 3.5% to 4% in 2023.
Anna Bjerde, World Bank Group vice president for Europe and Central Asia, called the earthquake-hit Syria “very devastating.” Tuesday will see the bank’s Syria damage assessment.
Bjerde said Turkey’s initial fast damage assessment of $34.2 billion was comparable to nearly 4% of its economic production in 2021. Still, it did not consider indirect or secondary consequences on economic growth or the week-old earthquake.
“In our experience, rebuilding demands might be two to three times the predicted direct physical damage,” she noted.
Almost 44,300 people died in Turkey’s worst earthquakes on Feb. 6.
The World Bank reported around 7,500 aftershocks, making the earthquakes Turkey’s worst in 80 years.
Comment Template