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Earthquake could cost Turkey up to $111b: Business group

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ANKARA - Turkey’s worst earthquake in almost a century has left a trail of destruction that could cost Ankara up to US$84.1 billion (S$111.96 billion), a business group said, while a government official put the figure at more than US$50 billion. The combined death toll in Turkey and Syria from last Monday’s 7.8 magnitude quake approached 36,000 and looked set...

People look amid rubble as the search for survivors continues following an earthquake in Hatay, Turkey, on Feb 7, 2023.ANKARA - Turkey’s worst earthquake in almost a century has left a trail of destruction that could cost Ankara up to US$84.1 billion , a business group said, while a government official put the figure at more than US$50 billion.

It said the main costs would be rebuilding housing, transmission lines and infrastructure, and meeting the short-, medium- and long-term shelter needs of the hundreds of thousands left homeless. Mr Mohieldin added that after the initial impact over the next few months, public and private sector investments in rebuilding could boost GDP growth going forward.

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Earthquake could cost Turkey up to $111b: Business groupA government official put the figure at more than US$50 billion. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »