Business & Economy

Will the earthquake in Turkey affect the economy?

The Director-General of the World Trade Organization, Ngozi Okonjo-Iweala, revealed that the earthquake will affect growth in Turkey and its trade this year, expressing her sorrow for all those who suffer from the consequences of the earthquake.

Where Okonjo added, the rapid reconstruction of the affected areas in Turkey will lead to an influx of goods to drive import and export, and it will have a good impact on the economy with the entry of those goods needed for reconstruction.

This is President Erdogan’s pledge to work quickly to get his country and its economy back on track,” notes the WTO director, adding that “in the end, with all these moves, the Turkish economy will not be as severely affected as we think.”

Preliminary estimates of the damage indicate rising inflation and a worsening budget deficit from 3.5% to 5% of GDP this year.

For its part, the Turkish Companies and Business Federation said that the worst earthquake the country has witnessed in nearly 100 years caused damage that could cost the country up to $84 billion, while a government official estimated the losses at more than $50 billion.

Turkish President Recep Tayyip Erdogan announced that his government would finish rebuilding housing within a year, initially allocating 100 billion liras, about $5.3 billion.

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