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.



Pope Francis, First Latin American Pontiff Who Ministered with a Charming, Humble Style, Dies at 88

Pope Francis smiles during an exclusive interview with Reuters, at the Vatican, July 2, 2022. (Reuters)
Pope Francis smiles during an exclusive interview with Reuters, at the Vatican, July 2, 2022. (Reuters)
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Pope Francis, First Latin American Pontiff Who Ministered with a Charming, Humble Style, Dies at 88

Pope Francis smiles during an exclusive interview with Reuters, at the Vatican, July 2, 2022. (Reuters)
Pope Francis smiles during an exclusive interview with Reuters, at the Vatican, July 2, 2022. (Reuters)

Pope Francis, history’s first Latin American pontiff who charmed the world with his humble style and concern for the poor but alienated conservatives with critiques of capitalism and climate change, has died Monday. He was 88.

He died as 7:35 on Monday, Cardinal Kevin Ferrell, the Vatican camerlengo, said in an announcement. “His entire life was dedicated to the service of the Lord and of his Church,” he added.

Francis, who suffered from chronic lung disease and had part of one lung removed as a young man, was admitted to Gemelli hospital on Feb. 14, 2025, for a respiratory crisis that developed into double pneumonia. He spent 38 days there, the longest hospitalization of his 12-year papacy.

From his first greeting as pope — a remarkably normal “Buonasera” (“Good evening”) — to his embrace of refugees and the downtrodden, Francis signaled a very different tone for the papacy, stressing humility over hubris for a Catholic Church beset by scandal and accusations of indifference.

After that rainy night on March 13, 2013, the Argentine-born Jorge Mario Bergoglio brought a breath of fresh air into a 2,000-year-old institution that had seen its influence wane during the troubled tenure of Pope Benedict XVI, whose surprise resignation led to Francis’ election.

But Francis soon invited troubles of his own, and conservatives grew increasingly upset with his progressive bent and crackdown on traditionalists. His greatest test came in 2018 when he botched a notorious case of clergy sexual abuse in Chile, and the scandal that festered under his predecessors erupted anew on his watch.

And then Francis, the crowd-loving, globe-trotting pope of the peripheries, navigated the unprecedented reality of leading a universal religion through the coronavirus pandemic from a locked-down Vatican City.

He implored the world to use COVID-19 as an opportunity to rethink the economic and political framework that he said had turned rich against poor.

“We have realized that we are on the same boat, all of us fragile and disoriented,” Francis told an empty St. Peter’s Square in March 2020. But he also stressed the pandemic showed the need for “all of us to row together, each of us in need of comforting the other.”

Reforming the Vatican  

Francis was elected on a mandate to reform the Vatican bureaucracy and finances but went further in shaking up the church without changing its core doctrine.  

Stressing mercy, Francis changed the church’s position on the death penalty, calling it inadmissible in all circumstances. He also declared the possession of nuclear weapons, not just their use, was “immoral.”

In other firsts, he approved an agreement with China over bishop nominations that had vexed the Vatican for decades, met the Russian patriarch and charted new relations with the Muslim world by visiting the Arabian Peninsula and Iraq.

He added women to important decision-making roles and allowed them to serve as lectors and acolytes in parishes. He let women vote alongside bishops in periodic Vatican meetings, following longstanding complaints that women do much of the church’s work but are barred from power.

The church as refuge  

While Francis did not allow women to be ordained, the voting reform was part of a revolutionary change in emphasizing what the church should be: a refuge for everyone — “todos, todos, todos” (“everyone, everyone, everyone”) — not for the privileged few. Migrants, the poor, prisoners and outcasts were invited to his table far more than presidents or powerful CEOs.

“For Pope Francis, it was always to extend the arms of the church to embrace all people, not to exclude anyone,” said Cardinal Kevin Farrell, whom Francis named as camerlengo, taking charge after a pontiff’s death or retirement.

Francis demanded his bishops apply mercy and charity to their flocks, pressed the world to protect God’s creation from climate disaster, and challenged countries to welcome those fleeing war, poverty and oppression.

After visiting Mexico in 2016, Francis said of then-US presidential candidate Donald Trump that anyone building a wall to keep migrants out “is not Christian.”

While progressives were thrilled with Francis’ radical focus on Jesus’ message of mercy and inclusion, it troubled conservatives who feared he watered down Catholic teaching and threatened the very Christian identity of the West. Some even called him a heretic.

A few cardinals openly challenged him. Francis usually responded with his typical answer to conflict: silence.

If becoming the first Latin American and first Jesuit pope wasn’t enough, Francis was also the first to name himself after St. Francis of Assisi, the 13th century friar known for personal simplicity, a message of peace, and care for nature and society’s outcasts.

Francis sought out the unemployed, the sick, the disabled and the homeless. He formally apologized to Indigenous peoples for the crimes of the church from colonial times onward.

And he himself suffered: He had part of his colon removed in 2021, then needed more surgery in 2023 to repair a painful hernia and remove intestinal scar tissue. Starting in 2022 he regularly used a wheelchair or cane because of bad knees, and endured bouts of bronchitis.

He went to society’s fringes to minister with mercy: caressing the grossly deformed head of a man in St. Peter’s Square or inviting Argentina’s garbage scavengers to join him onstage in Rio de Janeiro.

His first trip as pope was to the island of Lampedusa, then the epicenter of Europe’s migration crisis. He consistently chose to visit poor countries where Christians were often persecuted minorities, rather than the centers of global Catholicism.

A change from Benedict  

The road to Francis’ 2013 election was paved by Pope Benedict XVI’s decision to resign and retire — the first in 600 years — and it created the unprecedented reality of two popes living in the Vatican.

Francis didn’t shy from Benedict’s potentially uncomfortable shadow. He embraced him as an elder statesman and adviser, coaxing him out of his cloistered retirement to participate in the public life of the church.

“It’s like having your grandfather in the house, a wise grandfather,” Francis said.

Francis praised Benedict by saying he “opened the door” to others following suit, fueling speculation that Francis also might retire. But after Benedict’s death on Dec. 31, 2022, he asserted that in principle the papacy is a job for life.

Francis’ looser liturgical style and pastoral priorities made clear he and the German-born theologian came from very different religious traditions, and Francis directly overturned several decisions of his predecessor.

Trying to eliminate corruption, Francis oversaw the reform of the scandal-marred Vatican bank and sought to wrestle Vatican bureaucrats into financial line, limiting their compensation and ability to receive gifts or award public contracts.

Economic justice was an important themes of his papacy, and he didn’t hide it in his first meeting with journalists when he said he wanted a “poor church that is for the poor.”

Soccer, opera and prayer  

Born Dec. 17, 1936, in Buenos Aires, Jorge Mario Bergoglio was the eldest of five children of Italian immigrants.

He credited his devout grandmother Rosa with teaching him how to pray. Weekends were spent listening to opera on the radio, going to Mass and attending matches of the family’s beloved San Lorenzo soccer club. As pope, his love of soccer brought him a huge collection of jerseys from visitors.

He said he received his religious calling at 17 while going to confession, recounting in a 2010 biography that, “I don’t know what it was, but it changed my life. ... I realized that they were waiting for me.”

He entered the diocesan seminary but switched to the Jesuit order in 1958, attracted to its missionary tradition and militancy.

Around this time, he suffered from pneumonia, which led to the removal of the upper part of his right lung. His frail health prevented him from becoming a missionary, and his less-than-robust lung capacity was perhaps responsible for his whisper of a voice and reluctance to sing at Mass.

On Dec. 13, 1969, he was ordained a priest, and immediately began teaching. In 1973, he was named head of the Jesuits in Argentina, an appointment he later acknowledged was “crazy” given he was only 36. “My authoritarian and quick manner of making decisions led me to have serious problems and to be accused of being ultraconservative,” he admitted in his Civilta Cattolica interview.

His six-year tenure as provincial coincided with Argentina’s murderous 1976-83 dictatorship, when the military launched a campaign against left-wing guerrillas and other regime opponents.

Bergoglio didn’t publicly confront the junta and was accused of effectively allowing two slum priests to be kidnapped and tortured by not publicly endorsing their work.

He refused for decades to counter that version of events. Only in a 2010 authorized biography did he finally recount the behind-the-scenes lengths he used to save them, persuading the family priest of feared dictator Jorge Videla to call in sick so he could say Mass instead. Once in the junta leader’s home, Bergoglio privately appealed for mercy. Both priests were eventually released, among the few to have survived prison.

As pope, accounts began to emerge of the many people -- priests, seminarians and political dissidents -- whom Bergoglio actually saved during the “dirty war,” letting them stay incognito at the seminary or helping them escape the country.

Bergoglio went to Germany in 1986 to research a never-finished thesis. Returning to Argentina, he was stationed in Cordoba during a period he described as a time of “great interior crisis.” Out of favor with more progressive Jesuit leaders, he was eventually rescued from obscurity in 1992 by St. John Paul II, who named him an auxiliary bishop of Buenos Aires. He became archbishop six years later, and was made a cardinal in 2001.

He came close to becoming pope in 2005 when Benedict was elected, gaining the second-most votes in several rounds of balloting before bowing out.