Analysis by Region - Emerging Markets - Turkey
The powerful earthquakes that hit Turkey and Syria on February 6 have caused a human tragedy. In Turkey alone, more than 36,000 people are confirmed dead, and the toll keeps rising. The scale of economic damage will take time to become clear. Our updated baseline sees a real GDP impact of 1.7 ppts in the near-term amidst disruption in the affected region. Overall, we have lowered our 2023 GDP growth forecast to 0.5%, down from 1.2% prior to the disaster.
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