The European Bank for Reconstruction and Development (EBRD) has released its forecast on the initial effects of the earthquake on the Turkish economy, APA-Economics reports citing the report of EBRD.
"GDP growth in Turkiye slowed down significantly in 2022 and is expected to fall further, to 3 percent in 2023 and 2024 as the growing external financing requirements and political uncertainty associated with elections in 2023 create significant economic vulnerabilities. These forecasts do not incorporate the potential effects of the February 2023 earthquake and it is very early to be making any firm predictions about the impact on overall economic activity in 2023. A reasonable estimate would be a loss of up to 1 percent of GDP as the boost from reconstruction efforts in the later months of the year is expected to partially offset the negative impact of the damage to supply chains and infrastructure," the report reads.
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