Earthquakes in Turkey: the national economy will have to absorb this new shock

Turkish President Recep Tayyip Erdogan in downtown Kahramanmaraş, destroyed by earthquakes, February 8, 2023. AP

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In recent months, the Turkish economy has faced many challenges: explosion of inflation, plummeting of the Turkish lira... The earthquakes of February 6 razed dozens of cities and left millions of people homeless or job.

The national economy will have to absorb this new pressure, perceived as an opportunity by some economists.

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Dwellings, but also energy and transport infrastructures, irrigation canals were destroyed or damaged by the earthquakes.

The affected region contributes nearly 10% of the GDP of the country's economy thanks to the industrial zones of Gaziantep, or the port of İskenderun.

Agriculture also plays an important role.

The food organization of the United Nations, the FAO, has already warned of possible food disruptions.

Estimates vary, but it is certain that billions will therefore be needed to repair the considerable damage.

But Turkey's central bank, recently bailed out by Russia and Gulf states, would only help keep the country's finances afloat, some economists say. 

However, the obligation of reconstruction is not necessarily to be seen in a negative light.

" 

," said the European Bank for Reconstruction and Development.

Investments in the construction sector, singled out today for not having complied with anti-seismic standards, should fuel this already very dynamic sector.

After the 1999 earthquake, the Turkish economy suffered a decline of around 1% of its GDP, but quickly rebounded the following year (+1.5%).

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• Earthquakes in Turkey: an unprecedented wave of solidarity in the country

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