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World Bank puts economic cost of Turkey quakes at $34bn

February 28, 2023

Analysts at the World Bank have estimated that the recent devastating earthquakes that occurred in Turkey will result in some $34 billion of economic costs, based on direct physical damages.

At this level, losses from the February quakes would be equivalent to around 4% of Turkey’s total GDP.

But the World Bank acknowledges that costs will ultimately go well beyond this level due to further losses associated with economic disruptions and with recovery and reconstruction efforts, which it warns could be potentially twice as large as its headline figure.

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