The World Bank said yesterday, Monday, that the two earthquakes that hit Syria last February could cause Syria’s real GDP to shrink by 5.5% in 2023, and the bank said that rescue and rebuilding costs in Syria will cost over 3 years. He estimated it would reach $7.9 billion. year.
The Bank added that the Rapid Damage and Needs Assessment report estimated that the two earthquakes in northern and western Syria caused 3.7 billion dollars of property damage and 1.5 billion dollars of economic loss in the country, and the total loss reached 5.2 billion dollars. added.
The World Bank had previously projected a 3.2% contraction in Syria’s gross domestic product for 2023 due to the ongoing conflict, high grain and energy prices, power cuts, and water shortages limiting crop production.
The two earthquakes will push the GDP contraction by another 2.3 percentage points this year to 5.5% and exacerbate the effects of the 12-year Syrian conflict.
The World Bank said in a statement that “additional deflation is mainly driven by the destruction of physical capital and interruptions in business activity, and inflation is expected to increase significantly, mainly due to a decrease in the availability of existing goods, increase in transportation costs and overall demand for reconstruction materials.”
The World Bank estimates improvement and rebuilding needs in 6 regions at approximately $7.9 billion; $3.7 billion of this will be in the first year and $4.2 billion in the next two years.
The bank said the agriculture sector recorded the greatest need (27% of the total), followed by housing (18%), social protection (16%) and transportation (12%). 7 billion euros for earthquake victims in Turkey and Anadolu Agency’ According to the news of Syria
This came at the end of the donor conference organized by the European Commission and Sweden, which currently holds the rotating presidency of the European Union, to support earthquake victims in Turkey and Syria, yesterday.
Commission President Ursula von der Leyen expressed her satisfaction with the international community’s solidarity with the earthquake victims in Turkey and Syria, and the donors’ conference held on Monday marks the beginning of the way to heal the wounds of the oppressed.
Source: Reuters
