Türkiye Earthquake Could Result in Loss of Up to 1% of Country's GDP in 2023

This handout photograph taken and released by Turkish agency DHA (Demiroren News Agency) shows smoke rising from burning containers at the harbor of Iskenderun in Hatay, a day after a 7.8-magnitude earthquake struck the country's southeast, on February 7, 2023. (Photo by Handout / DHA (Demiroren News Agency) / AFP)
This handout photograph taken and released by Turkish agency DHA (Demiroren News Agency) shows smoke rising from burning containers at the harbor of Iskenderun in Hatay, a day after a 7.8-magnitude earthquake struck the country's southeast, on February 7, 2023. (Photo by Handout / DHA (Demiroren News Agency) / AFP)
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Türkiye Earthquake Could Result in Loss of Up to 1% of Country's GDP in 2023

This handout photograph taken and released by Turkish agency DHA (Demiroren News Agency) shows smoke rising from burning containers at the harbor of Iskenderun in Hatay, a day after a 7.8-magnitude earthquake struck the country's southeast, on February 7, 2023. (Photo by Handout / DHA (Demiroren News Agency) / AFP)
This handout photograph taken and released by Turkish agency DHA (Demiroren News Agency) shows smoke rising from burning containers at the harbor of Iskenderun in Hatay, a day after a 7.8-magnitude earthquake struck the country's southeast, on February 7, 2023. (Photo by Handout / DHA (Demiroren News Agency) / AFP)

The potential economic effects of the earthquake in Türkiye could result in a loss of up to 1% of the country's gross domestic product this year, the European Bank for Reconstruction and Development (EBRD) said in a report published on Thursday.

The bank added this is a "reasonable estimate" due to the expected boost from reconstruction efforts later this year, which will offset the negative impact to infrastructure and supply chains, Reuters said.

"The earthquake affected to a large extent agricultural areas and areas where there is light manufacturing, so spillovers to other sectors are limited," EBRD chief economist Beata Javorcik told Reuters.

Türkiye and neighboring Syria have been rocked by a devastating earthquake on Feb. 6 which has killed more than 41,000 people and left millions in need of humanitarian aid, with many survivors having been left homeless in near-freezing winter temperatures.

Growth for Türkiye, the single biggest recipient of EBRD funds, has been revised down to 3% from 3.5% in 2023, without considering the impact of the earthquake in the estimates.

The bank added that growing external financing requirements and political uncertainty associated with elections in 2023 create significant economic vulnerabilities.

Türkiye’s earthquake has thrown into disarray plans for elections to be held by June, sparking frantic debate within President Tayyip Erdogan's government and the opposition over a possible delay.

"As depreciation of the Turkish lira outpaced inflation since 2015, Türkiye’s exports have been growing fast, benefiting from lower costs expressed in US dollars," the report added.

Türkiye’s lira hit a fresh record low on Wednesday.



Israel Far-Right Issues Rare Rebuke of Settler Attack on Army

Israeli settlers carrying weapons during clashes in which Palestinians were attacked in the town of Huwara in the West Bank. (Getty Images/AFP file)
Israeli settlers carrying weapons during clashes in which Palestinians were attacked in the town of Huwara in the West Bank. (Getty Images/AFP file)
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Israel Far-Right Issues Rare Rebuke of Settler Attack on Army

Israeli settlers carrying weapons during clashes in which Palestinians were attacked in the town of Huwara in the West Bank. (Getty Images/AFP file)
Israeli settlers carrying weapons during clashes in which Palestinians were attacked in the town of Huwara in the West Bank. (Getty Images/AFP file)

An assault by Israeli settlers on soldiers in the occupied West Bank drew condemnation from across the political spectrum, including an unusual rebuke from far-right ministers who typically support the settlement movement.

Finance Minister Bezalel Smotrich and National Security Minister Itamar Ben-Gvir, considered the two most hardline members of the ruling coalition, called for the perpetrators to be held accountable.

The army said dozens of "civilians" attacked its forces on Sunday night at a military base in the central West Bank, vandalizing army vehicles and a security installation.

According to Israeli media, the attackers were settlers who targeted the commander of the military's Binyamin Regional Brigade, calling him a "traitor".

The attack was widely seen as a reprisal for the arrest of six settlers two days earlier.

In that incident, the commander and troops were attacked as they tried to stop settlers entering a closed military zone near the Palestinian village of Kafr Malik.

Israeli Prime Minister Benjamin Netanyahu condemned both attacks, saying "no law-abiding country can tolerate acts of violence and anarchy".

Ben-Gvir was among the last senior figures to react.

"Harming our security forces, security installations and the soldiers who are our children, brothers and defenders, crosses a red line, and must be treated with the utmost severity," he wrote on X.

A lawyer, Ben-Gvir gained a name for himself before entering politics by defending in court several settlers accused of attacking Palestinians in the West Bank.

Smotrich wrote on X: "Violence against (Israeli) soldiers and our beloved police forces and the destruction of property are unacceptable."

- West Bank violence -

Israel has occupied the West Bank since 1967 and violence has surged there since Israel launched its offensive in Gaza following Hamas's October 2023 attack.

Since then, Israeli troops or settlers in the West Bank have killed at least 947 Palestinians -- many of them militants, but also scores of civilians -- according to Palestinian health ministry figures.

At least 35 Israelis, including both civilians and security forces, have been killed in Palestinian attacks or Israeli military operations, according to Israeli official figures.

But settler attacks on army positions are rare.

"It was too much, even for the far-right," said Simon Perry, a security expert and associate professor in the criminology department at the Hebrew University of Jerusalem.

"The rioters went overboard," he told AFP.

Nimrod Goren, an expert on foreign relations and a veteran commentator on Israeli politics, said the far-right's outrage at the assault was merely "lip service", however.

Violent assaults by Israeli settlers against Palestinians have become common since 2023, without drawing any criticism from the political class, he noted.

"But when soldiers are affected, all of a sudden people are alerted," said Goren, who is chairman of the Israeli foreign policy think tank Mitvim.

- Settlers' eviction drive -

According to the two Israeli experts, the rioters were part of an informal movement known as the hilltop youth, whose goal is to evict Palestinian residents and establish settlements in the West Bank without government approval.

The movement constitutes a fringe, even among the Religious Zionist movement, the ideological backbone of the settlement enterprise.

Several human rights NGOs have denounced the rise in violence committed by the settlers, and their perceived impunity.

Shortly after his appointment in November 2024, Defense Minister Israel Katz announced an end to administrative detention for West Bank settlers, a practice that allows security forces to detain suspects without charge.

Israeli media say the move emboldened extremist settlers and led to a wave of attacks in the Palestinian territory.

On Tuesday, the Israeli press reported that Katz would not bring it back, contrary to the opinion of Israel's Shin Bet security service.

The measure is still in place for Palestinians.

The recent settler violence against army positions in the West Bank even prompted condemnation from leaders within the movement.

"Those who wish to protest must act according to the law and not confront the army," Oded Revivi, a former mayor of the Efrat settlement, and a prominent settler figure, told AFP.

There are around 160 Israeli settlements scattered throughout the West Bank, which the UN considers illegal. Their residents number about 500,000, living among a population of three million Palestinians.