Categories: Economy

The first IMF statement on the economic effects of the earthquake

Economist Mahmud Mohieldin, Executive Director of the International Monetary Fund (IMF), assessed the possible effects of the Kahramanmaraş-centered earthquake on the Turkish economy.

Speaking at the Arab Financial Forum today, Mohieldin conveyed his comments on the issue, speaking to reporters on the sidelines. Mohieldin said the earthquake’s impact on Turkey’s Gross Domestic Product (GDP) is unlikely to be as significant as the 1999 earthquake.

Mohieldin added that after the initial shock in the coming months, public and private investment in reconstruction could boost GDP growth in the long run.

ECONOMIC BALANCE OF THE EARTHQUAKE OF 1999

The economic cost of the 1999 earthquake was estimated by the State Planning Organization (DPT) between 15 and 19 billion dollars, and by the World Bank between 12 and 17 billion dollars. The Turkish economy ended the year 1999 with a record contraction of 6.4 percent.

Source: Sozcu

Andrew

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