ALBAWABA - The value of losses resulting from the two destructive earthquakes that struck Turkey in early February exceed $34.2 billion, the World Bank said.
It said that the amount equals 4 percent of the country's gross domestic product (GDP) in 2021.
While the estimate does not include the cost of reconstruction, the World Bank expected it to be double.
On the other hand, the devastating earthquakes are expected to have repercussions on future growth in the country.
Although the earthquakes had devastated parts of Turkey and Syria, the estimates are for Turkey alone.
World Bank: Turkey Earthquake Losses Cost $34 Billion, Reconstruction Would Cost Twice as Much https://t.co/ZnE2BNemfc #Earthquakes #Turkey #WorldBank
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World Bank Country Director Humberto Lopez said the earthquakes will also cut at least half a percentage point from Turkey's projected GDP growth this year, which was envisaged between 3.5 - 4 percent.
The Turkish Sovereign Wealth Fund plans to revive the stock market by injecting cash into the exchange traded funds, after a series of declines that began in the aftermath of the first successive earthquakes.
Two major earthquakes that hit areas of Syria and Turkey on Feb. 6 resulted in the death of more than 47,000 people and the injury of tens of thousands of others.
According to official data, more than 1.25 million people became homeless due to the damage or complete collapse of their homes.
More than 160,000 buildings, including 520,000 apartments, were damaged, while some of them were flattened to the ground.
According to Disaster and Emergency Management Presidency about 10,000 aftershocks have been recorded since the massive earthquake struck.
The country is still subject to earthquakes and aftershocks in the coming days, which may expose it to more losses.
