Washington, United States–Syria’s economy is expected to contract 2.3% more than it otherwise would have due to the impact of last month’s deadly earthquakes, the World Bank said on Monday.
The earthquake and its aftershocks killed more than 50,000 people in Turkey and Syria, and displaced millions more.
“The recent earthquake exacerbates the already dire consequences of the 12 year-long conflict for the people of Syria,” World Bank Country Director for the Middle East Department Jean-Christophe Carret said.
It’s expected to cost the Syrian economy $5.2 billion, including physical damages of $3.7 billion and losses of $1.5 billion, the Bank announced in a statement. Recovery and reconstruction costs will approach $8 billion over three years, the bank predicted.
The earthquake’s impact is likely to widen Syria’s economic contraction by 2.3 percent to 5.5 percent this year, according to the bank. The country’s economy is still under severe strain more than 13 years after the deadly civil war began.
The bank previously estimated the hit to Turkey’s economy from the earthquake would top $34 billion, equivalent to four percent of Turkey’s 2021 GDP.
The worst-hit sectors in Syria include housing, followed by transport, environment and agriculture, according to the bank’s Syria Earthquake 2023 Rapid Damage and Needs Assessment.
Aleppo was the worst-affected city, followed by Latakia and Azaz.