This aerial photo taken on Feb. 8, 2023 shows rescuers searching for survivors among the rubble of buildings destroyed in the quake-hit Besni District of Adiyaman Province, Türkiye. (Photo by Mustafa Kaya/Xinhua)
According to the Turkish Statistical Institute, the earthquake-hit zone is home to 13.42 million people and generates one-tenth of Türkiye's national income.
The earthquakes could cause more than 1 billion U.S. dollars in economic losses in Türkiye and Syria, according to the U.S. Geological Survey.
by Burak Akinci
ANKARA, Feb. 9 (Xinhua) -- Twin strong earthquakes that struck Türkiye's southern provinces on Monday are likely to leave a significant and long-lasting impact on the country's ailing economy, experts said.
The death toll in Türkiye stands at 16,170 so far, while more than 64,000 have been injured, Turkish President Recep Tayyip Erdogan announced Thursday afternoon in Osmaniye, one of the provinces hit by the powerful tremors.
He said that a total of 6,444 buildings have collapsed.
A rescuer works outside a destroyed building in quake-hit Elbistan district of Kahramanmaras, Türkiye, on Feb. 7, 2023. (Xinhua/Shadati)
According to the Turkish Statistical Institute, the earthquake-hit zone is home to 13.42 million people and generates one-tenth of Türkiye's national income.
The earthquakes could cause more than 1 billion U.S. dollars in economic losses in Türkiye and Syria, according to the U.S. Geological Survey.
Baki Demirel, associate professor of economics at Yalova University, also said losses will likely be in the range of "billions of dollars."
"This is an enormous disaster, most earthquake-hit towns have turned into ghost cities. This is first a human tragedy, but the human loss will inevitably generate a financial loss," the economist told Xinhua.
Rescuers search for survivors among the rubble of a building destroyed in quake-hit Besni District of Adiyaman Province, Türkiye, Feb. 8, 2023. (Photo by Mustafa Kaya/Xinhua)
Demirel pointed out that the disaster will add to government expenditure as thousands of buildings have been leveled and need to be reconstructed.
Turks have been battling for several years with rampant inflation and currency turmoil that have hit households hard. A natural disaster of such magnitude further adds to their country's woes.
The expert suggested an earthquake tax on the wealthier segments of society to finance housing projects, leaving the low and mid-incomed exempted from such a scheme.
According to the United Nations Office of Disaster Risk Reduction, the 1999 earthquake in northwestern Türkiye, which claimed over 17,000 lives and left more than 250,000 homeless, caused an estimated 23 billion dollars in economic losses.
A survivor is evacuated from the rubble of a destroyed building in quake-hit Elbistan district of Kahramanmaras, Türkiye, on Feb. 7, 2023.(Xinhua/Shadati)
Ovgun Ahmet Ercan, a well-known seismologist, made a darker prediction.
"The cost of the earthquake to Türkiye is between 35 and 50 billion dollars. While Türkiye's domestic and foreign trade deficit is 110 billion (US dollars), this earthquake is a complete disaster," he said on Twitter Tuesday.
The country's current account deficit widened due to an increase in energy imports and rising consumer price inflation, which hit a 24-year high of 85.5 percent in October.
The Organisation for Economic Cooperation and Development (OECD) expects inflation in Türkiye to remain elevated at 44.6 percent in 2023. ■
