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The February 6 earthquakes that killed more than 40,000 people in Turkey and Syria could result in a loss of up to 1% of the Turkish gross domestic product (GDP), said an economic report published on Thursday. It came amid uncertainties over a possible delay of general elections, set for June, due to the devastating earthquakes. Follow FRANCE 24’s live coverage of the quake aftermath. All times are Paris time (GMT + 1).
7:00am: Earthquake could result in loss of up to 1% of Turkey’s GDP in 2023
The potential economic effects of the earthquake in Turkey could result in a loss of up to 1% of the country’s gross domestic product this year, the European Bank for Reconstruction and Development (EBRD) said in a report published on Thursday. The country is already grappling with an economic crisis.
The bank added this is a “reasonable estimate” due to the expected boost from reconstruction efforts later this year, which will offset the negative impact to infrastructure and supply chains. “The earthquake affected to a large extent agricultural areas and areas where there is light manufacturing, so spillovers to other sectors are limited,” EBRD chief economist Beata Javorcik told Reuters.
Growth for Turkey, the single biggest recipient of EBRD funds, has been revised down to 3% from 3.5% in 2023, without considering the impact of the earthquake in the estimates.
10:35pm: Blinken to pledge quake support on Turkey visit
US Secretary of State Antony Blinken will travel Sunday to Turkey to discuss quake relief, making his first trip to the NATO ally which has had turbulent relations with Washington.
Blinken will visit Incirlik air base, through which the US has shipped aid, and then hold talks in the capital Ankara on “continued US support”, State Department spokesman Ned Price said.
The US has flown in around 200 rescuers and contributed an initial $85 million in relief for Turkey, deploying Black Hawk and Chinook helicopters to bring supplies to the worst-hit areas.
The visit, which was being planned before the February 6 earthquake that has killed nearly 40,000 people in the country and neighbouring Syria, will be the first by Blinken to Turkey after more than two years in office.
(FRANCE 24 with AFP, AP and Reuters)
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