How will the Turkey earthquake affect the country's economy?

The huge earthquake that occured in Turkey has left almost 30.000 dead and a huge economic problem. Here are all the details.

The magnitude 7,7 earthquake that happened in Turkey has created an economic problem as well. Until now 30.000 dead are found while the search and rescue still continue. The International Monetary Fund (IMF) announced the impact of the earthquake on the Turkish economy.

How will the Turkey earthquake affect the country's economy?

In the region, where some 13.4 million people live, thousands of structures, including homes and hospitals, as well as roads, pipelines, and other infrastructure, have suffered significant damage. Although officials claim that the magnitude of the damage is not yet evident, they think that rebuilding will put a strain on Turkey's finances.

One senior official told Reuters that the damage will be in the billions of dollars and that infrastructure, homes, and industry would need to be rebuilt quickly. TÜSİAD published the Disaster Status Report for the Kahramanmaraş Earthquake in 2023. In this report, 70.75 billion dollars of housing damage, 10.4 billion dollars of national income loss and 2.9 billion dollars of workforce loss were predicted for the earthquake.