Turkey’s Reconstruction Will Cost Higher Than Its Earthquake Damage: World Bank

International financial institute, World Bank on Monday said that Turkey’s reconstruction cost will be twice as high after the country hit a major setback by the earthquake on 6 February.

According to reports the two major earthquakes that hit Turkey caused about USD 34.2 billion of direct physical damage.

The bank estimated the earthquakes would also turn down the forecast made by Turkey on the gross domestic product growth of 3.5 per cent to 4 per cent in 2023.

Commenting on the brutal damage Anna Bjerde, World Bank Group vice president for Europe and Central Asia highlighted, the initial rapid damage for Turkey of USD 34.2 billion was equivalent to about 4 per cent of its economic output in 2021, but that did not indirectly impact on the growth of its economy in comparison to the most recent earthquake a week ago.

“As per our experience so far, the reconstructions are two to three times higher than the estimated direct physical damage," she added.

Meanwhile, commenting on the situation in Syria Anna said, the aftermath of the quakes, was "really catastrophic" in Syria as well, and the World Bank will soon release a separate damage estimation for the same.