- March 23, 2023
Approximately 14,014 people were killed and 63,794 were wounded when earthquakes hit Türkiye on Monday, causing widespread havoc. There were once around 13.4 million people living in the region, and they left behind a lot of infrastructure, including houses, hospitals, highways, pipelines, and other structures.
It is unclear how extensive the damage is, but authorities say Türkiye will have to spend much on reconstruction. One senior official told Reuters, “there will be billions of dollars of damage,” and that quick rehabilitation of infrastructure, homes, and industry will be required.
Ratings agency Fitch also warned that the earthquakes that have rocked Türkiye and Syria might result in economic losses of more than $4 billion. Economic losses are hard to predict while the situation is changing, Fitch Ratings stated, but they are likely to surpass $2 billion and potentially reach $4 billion “or more.” It also noted that the low level of insurance in the region would mean that insured losses would be far smaller, maybe hovering around $1 billion.
As the government of Türkiye implemented a new economic model, the country was plagued by high inflation and currency collapses for years. In January, Nureddin Nebati, the country’s Treasury and Finance Minister, predicted that inflation will continue to fall, and family incomes would rise thanks to the government’s focus on economic growth and job creation in 2023.
Nebati pledged then to maintain the government’s focus on investment, employment, production, and exports in 2023, as part of the economic model proposed by the government in late 2021 to reverse Türkiye’s chronic trade deficits, a significant component of the country’s current account. Inflation, which reached a 24-year high in October before moderating over the subsequent two months and is forecast to decline considerably this year, is another focus of the model’s emphasis on targeted loans and low interest rates.
However, years of foreign exchange reserve depletion and central bank degradation have left their mark on Türkiye, despite the fact that the country’s debt levels are significantly lower than those of most others. Moreover, output in the area, which contributes 9.3 percent to Türkiye’s GDP, is projected to be negatively impacted by the earthquake (GDP).
Data from the Energy Exchange Istanbul (EPIAS) indicated that energy consumption in Türkiye declined by 11% on Monday, compared to the previous week. The economy could suffer this year due to the interruption.
In June 2022, Türkiye exports reached $23.4 billion, the biggest monthly total in the country’s history. Under the case of a 50% reduction in regional output, three analysts estimated GDP growth might fall by 0.6 to 2 percentage points, with a recovery time of 6-12 months. The administration predicts a 5% expansion in the year 2023.
A separate high-ranking official has warned that growth may fall short of expectations by 1% to 2%. According to the official, some of the investment resources planned in the budget will need to be spent for these regions.
An estimated 8.5% of Turkish exports and 6.7% of Turkish imports come from the earthquake-stricken southeast area. Economists, however, suggest that the earthquakes will likely have little effect on Türkiye’s trade balance since both exports and imports are projected to decrease.
Use TradeData.Pro to keep a close eye on the latest trade developments in Türkiye. You may also visit Türkiye’s import-export data page for trade updates.
Visit our website to see more about TradeData.Pro features!
To find out more about accessing a new market, you can check out this article which shows you how to use TradeData.Pro to access Global Trade Markets: https://blog.tradedata.pro/say-hello-to-our-new-release-of-tradedata-pro/
The most trustable and reliable source for Trade Data.
TradeData.Pro is proudly made in Singapore. Singapore has been one of the world’s most politically stable countries, with an open and trade-driven economy. TradeData.Pro is presented by CIC, a government-linked company in Singapore CIC is a Join Venture of Zall Smartcom, SGX and GeTS.)
Since the launch of TradeData.Pro in 2018, TradeData.Pro has received overwhelmingly positive remarks from market. This is because TradeData.Pro has wide coverage, low cost, and fast response. There are many leading companies from different industries that have subscribed to TradeData.Pro.
TradeData.Pro was awarded with Singapore Quality Class in 2020 and Stevie Award Gold in 2021. Businesses need information to reveal trends, identify market opportunities, track competitors buyers and suppliers, and better understand supply chain potential.
Finding these critical data has traditionally been challenging. But this information do exist, but as part of government import and export filing requirement. The detailed shipment information which are within these filings constructions the core of the global trade.
TradeData.Pro has gathered and packaged these information as business intelligence. Our solution helps companies understand the flow of goods across borders and features the world’s largest searchable trade database. We do the heavy lifting for you by reviewing, standardising, and cleaning data, then delivering in an intuitive format.
Vietnam has been the hottest industry lately, to stay updated on Vietnam, you can view all these information on Vietnam in here on our platform: https://data.cic-tp.com/asia-trade-data/vietnam-import-export-data