massive earthquakes in Turkish will add Billions of dollar of spending on Ankara budget Economic cut growth by up 2 percent points this yearsaid officials and economists, such as government Rollers of mass destruction in the aftermath of disaster.
more than 14014 people They are confirmed dead and 63,794 others injured in Earthquakes that hit Turkey on Monday, leaving a trace of destruction across the region.
thousands of buildings, incl homes Hospitals, roads, pipelines and other infrastructure were severely damaged in the areawhere about 13.4 million people used to live.
While officials say run of The destruction has not happened yet clearthey think will rebuild stretch Turkish budget.
“There will be billions of dollar of Damage,” one senior official Reuters adding that there will be need To be a quick reconstruction of Infrastructure, homes and factories.
Meanwhile, rating agency Fitch also He said yesterday that the earthquake that destroyed Turkey and Syria could happen cause Economic losses exceeded $4 billion.
economic losses hard To estimate the situation as the situation evolves, but appears to exceed “$2 billion and could reach $4 billion” or more, Fitch Ratings said.
The insured losses would be much less, probably around $1 billion, because of the lower insurance coverage in the areaHe. She added.
Turkey was surrounded for Years through high inflation and a while currency crash government put in effect a new economical model that yielded the desired results.
The country’s Treasury and Finance Minister Noureddine Al-Nabati said back in January that government It will continue to pursue policies that prioritize the economy growth and jobs in 2023, a.p year He said he will see further drop in inflation and increase in Family income.
He promised at the time to continue of Policies that prioritize investment, employment, production and exports in 2023, fragment of Economic model that government foot in Late 2021 with the aim of overturning Turkish insistence trade Impotence, a major component of the current account.
the model Depends on Targeted loans and low interest rates and also Ultimately aims to help reduce which inflation hit 24-year high in October is mild over the last Two months is expected decrease Significantly this year.
Turkey also He has much less debt levels of most countries But years of Depletion and erosion of foreign exchange reserves of Center bank Owns left their mark.
earthquake damage also it is expected that hit production in affected regionany accounts for 9.3% of Turkey’s gross domestic product.
indicating range of Power outage use in Turkey declined by 11% on The data of the Istanbul Energy Exchange (EPIAS) showed on Monday, compared to the previous week.
This disorder can hit economic growth this year.
Three economists calculate GDP growth could drop 0.6 to 2 percent points Under the scenario where the production in the region Drops 50%, which they said it would take six to 12 months to recover.
the government expect 5% growth in 2023.
Separately, a senior official He said growth It could be 1 or 2 percent points below The target is 5%.
“some of expected investment resources in the budget will need to be used for these areas official He said.
Southeast region hit According to earthquake calculations for 8.5% of Turkey’s exports 6.7% of imports. But economists say the earthquakes are unlikely to affect Turkey’s earthquakes trade Equilibrium where both exports and imports are expected drop.
