Turkey Earthquake Economic: There was an earthquake of 7.8 magnitude in Turkey yesterday i.e. on Monday (February 6). Due to this terrible earthquake, about 5 thousand people died in Syria and Turkey together. After the earthquake in Turkey, a decline has been recorded in the country’s currency lira. Since the earthquake, the price of 1 dollar has been 18.85 lira and the price of 1 pound has been 22.70 lira.
Due to the devastating earthquake in the country, a huge decline has also been recorded in the stock markets. The country’s main equity benchmark also declined by 4.6 per cent, with banks losing over 5 per cent.
Inflation rate close to 57 percent
Although Turkey was already going through an economic crisis. The country is troubled by the cost of living. The inflation rate is close to 57 percent. The earthquake that hit the country on Monday (February 6) has further worsened the situation in the country. Due to the earthquake, the country has suffered a loss of about 8 thousand crores. There was an earthquake of 6.7 magnitude in Turkey 3 years ago i.e. in 2020 also, at that time the country suffered a loss of 4.9 thousand crores. The United States is stepping up pressure on Turkish markets to implement Russian sanctions after the US warned Turkey about exports of chemicals, microchips and other products to Russia.
Turkey’s GDP decline
Turkey was already worried about the inflation rate, on top of that the earthquake has deeply hurt the economic condition of the country. According to a report in foreign media, the cost of living in the country has increased. The local resident there replied that there has been a huge increase in house rents in Turkey. According to the Indian currency, earlier the rent here was 19 thousand 700 rupees and now despite paying double the rent, people are not able to get houses. Now according to the Indian currency in Turkey the rent has crossed 1 lakh. Because of this, many people of the country are on the verge of being homeless. According to a World Bank report, the country’s GDP in Turkey during the year 2013 was $ 957 million and now it has come down to $ 819 million.
