The EBRD lowered its growth forecast for the Turkish economy. Last Minute EUROPE, CURRENT headlines and events

The European Bank for Reconstruction and Development (EBRD) said that due to the potential impact of the earthquake on the Turkish economy, the gross domestic product could shrink by 1 percent.

According to the EBRD, the reconstruction process, which will begin after the earthquake, will create a movement in the construction sector, so a reduction of one percent can be considered reasonable.

EBRD Chief Economist Beata Javorczyk told the Reuters news agency: “The quake has heavily affected agricultural land and areas of low productivity. This situation will have a limited impact on other sectors as well.”

The bank also revised its 2023 growth forecast for Turkey’s economy to 3.5 from 3.5. The bank’s report, which also mentioned the presidential and parliamentary elections to be held this year, noted that this could create significant instability in the economy.

According to the EBRD, the reconstruction process, which will begin after the earthquake, will create a movement in the construction sector, so a reduction of one percent can be considered reasonable.

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