'The earthquake affected to a large extent agricultural areas and areas where there is light manufacturing, so spillovers to other sectors are limited,' says the chief economist of the European Bank for Reconstruction and Development.
of the earthquake in Turkey could result in a loss of up to 1% of the country’s gross domestic product this year, the European Bank for Reconstruction and Development said in a report published on Thursday, February 16.
“The earthquake affected to a large extent agricultural areas and areas where there is light manufacturing, so spillovers to other sectors are limited,” EBRD chief economist Beata Javorcik told Reuters. Growth for Turkey, the single biggest recipient of EBRD funds, has been revised down to 3% from 3.5% in 2023, without considering the impact of the earthquake in the estimates.
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