Shrinking of Turkey’s Economic Pie Due to Earthquake
The shrinking of Turkey’s economic pie due to the devastating earthquake that shook 10 provinces of Turkey and 4 northern provinces of Syria early Monday morning has, according to Turkish officials, affected the lives of more than 135 million people out of Turkey’s population of 85 million. The 10 earthquake-stricken provinces together account for 16% of Turkey’s population, 10% of Turkey’s GDP, and 85% of the country’s exports. Initial forecasts indicate that the economic damage from the earthquake could lead to at least a 1 to 2 percent reduction in Turkey’s economic pie and GDP growth in 2023.