The earthquake that struck Turkey in 2023 could result in a loss of up to one percent of the country’s GDP.
On February 6, a terrible earthquake struck Turkey and Syria, resulting in the deaths of more than 41,000 people across both countries.

According to a report released on Thursday by the European Bank for Reconstruction and Development (EBRD), the economic repercussions of the earthquake in Turkey could cause a reduction in GDP of up to 1% this year.
Due to the anticipated boost from restoration activities later this year, which will offset the detrimental effects on infrastructure and supply chains, the bank stated that this is a “fair assessment.”
According to EBRD Chief Economist Beata Javorcik, “the earthquake primarily affected agricultural areas and areas with modest industries, thus spillovers to other sectors are limited.”
On February 6, a terrible earthquake that struck Turkey and neighbouring Syria left more than 41,000 people dead, millions in need of humanitarian assistance, and many surviving homeless in bitterly cold winter weather.
Without accounting for the effects of the earthquake, growth for Turkey, the single-largest beneficiary of EBRD assistance, was reduced down to 3% from 3.5% in 2023.
The bank also noted that rising demands for external funding and the political unpredictability brought on by the 2023 elections create serious economic vulnerabilities.
Plans for elections to be held by June in Turkey have been thrown into disarray as a result of the earthquake, prompting frenzied discussion about a potential delay inside President Tayyip Erdogan’s government and the opposition.
Turkey’s exports have been expanding quickly as the devaluation of the Turkish lira has outpaced inflation since 2015, benefiting from cheaper expenses expressed in US dollars, according to the research.