Earthquakes in Turkey have inflicted staggering economic damage, estimated at about $84 billion, roughly 10% of the nation’s GDP. Bloomberg cites forecasts from the Confederation of Entrepreneurs and representatives of the republic’s business circles, highlighting how the tremors hit every corner of the economy—from industry and construction to services and exports. The figures reflect not just immediate losses, but a disruption that ripples through investment, manufacturing supply chains, and consumer confidence across Canada, the United States, and global markets that track Turkey’s growth trajectory.
The business group’s assessment breaks down the impact with alarming detail: residential damage alone stands at $70.8 billion, while the earthquake is expected to shave about $10.4 billion from the national budget revenue and cause labor losses estimated at $2.9 billion. These numbers stress the scale of the disaster beyond the physical destruction, underscoring the heavy burden on households, public finances, and employment at a moment when reconstruction needs are immense and inflationary pressures persist in many economies, including North America.
Bloomberg notes that these estimates exceed those offered by several other economists, and many experts caution that it is premature to declare final consequences. As reconstruction planning begins, uncertainties linger around the pace of housing repairs, the timeline for public compensation schemes, and the long-term effects on financing conditions for Turkish households and businesses. In North American markets, observers will be watching how Turkey’s recovery path could influence regional trade links, FX markets, and foreign direct investment flows in the months ahead.
On February 8, amid ongoing market reactions, Turkey’s Turkish edition of NTV reported that the Stock Exchange took the unusual step of suspending trading in shares until the evening of February 14, a measure aimed at preventing panic after the devastating earthquakes. This move, the first of its kind in 24 years, reflects the twin pressures of damaged infrastructure and investor nerves as authorities sought to stabilize sentiment during a period of rapid uncertainty for Turkish equities and the broader regional market climate.
Earlier, on February 6, a sequence of powerful earthquakes struck Turkey, followed by the country’s Emergency Prevention and Relief Administration, known as AFAD, which coordinated immediate rescue and relief efforts. The event was followed by significant aftershocks, including the 1891 aftershock, underscoring the persistent aftereffects of the initial tremors and the ongoing risks faced by affected communities as rescue teams, local governments, and international partners mobilize resources for urgent needs and longer-term stabilization and rebuilding.
By February 12, the confirmed death toll in Turkey had risen to 29,605, a tragic reminder of the human cost behind the economic figures. Governments, aid organizations, and global partners have since increased relief and reconstruction commitments, while statisticians and planners continue to refine estimates of direct and indirect losses as rebuilding work begins and the path to recovery takes shape across sectors such as housing, healthcare, education, and critical infrastructure.