IMF: Earthquake Impact on Turkey Economy Less Than 1999

The impact of this week’s earthquake in southeastern Turkey on that country’s economy will be significant. Yet Turkey’s economy is now stronger than during the previous major earthquake in 1999 near Izmit.

That’s what IMF directors said during a financial summit on the Arab world.

IMF chief Kristalina Georgieva noted that the earthquake in Turkey and Syria has “brought a huge tragedy”. But that earthquake also has “a very significant impact on the Turkish economy”.

However, Mahmoud Mohieldin, who is the think tank’s executive director, said that the Turkish economy would not be hit as hard as it was in 1999. On the contrary, after the first blow, he thinks public and private investment to rebuild the affected area will boost the economy faster.

As a result of the earthquakes on Monday, many buildings collapsed. As a result, Turkey and Syria’s death toll has risen to over 28,000, with much more injured and homeless. The UN expects the number of fatalities to exceed 50,000.

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