Rebuilding Türkiye: From earthquake devastation to resilient recovery

In a few days, Turkey will mark the first anniversary of the worst earthquake disaster to hit the country in nearly a century. The massive twin earthquakes of February 6, 2023, followed by thousands of aftershocks, caused massive loss of human life, physical destruction and economic damage.

A year later, reconstruction and recovery work is well underway. I was able to see this for myself in Antakya and Nordagı during my visit last November. I was particularly inspired by the resilience of the people I met – those who lost loved ones or whose homes or workplaces were damaged or destroyed. Although full recovery will take many years, given the scale of devastation, rapid and effective action to restore housing, basic services, livelihoods and businesses will accelerate economic recovery and give hope to those who have suffered.

Turkey's exceptionally high vulnerability to earthquakes is exacerbated by the increasing risks posed by natural disasters caused by climate change. The increasing frequency, intensity and impacts of extreme weather events, including wildfires, heatwaves, droughts and flood risks, have significant impacts on the safety and health of the country's population, infrastructure and public services, agricultural productivity, rural income and employment, and food. protection.

It is therefore essential that post-earthquake recovery ensures protection from natural and climate-induced disasters, as well as resilience to the resulting economic shocks.

I am encouraged by the Turkish government's determination to address the recent macro-financial instability and place the national economy on a stronger footing. Recent policy developments to address the high levels of inflation that have eroded Turkish household incomes, as well as fiscal revenue measures to reduce the deficit and other policy measures, are all steps in the right direction. Markets are reacting somewhat positively, and the three major rating agencies recently raised their forecasts from negative to stable. However, imbalances remain, and I hope that the authorities will continue their efforts, supported by structural reforms, capable of strengthening the foundations for long-term growth and prosperity.

Turkey's determination to confront the challenges of climate change and reduce carbon emissions is equally encouraging. The country's ratification of the Paris Climate Change Agreement in 2021 was quickly followed by a number of promising commitments to achieve net-zero carbon emissions by 2053, including doubling renewable energy generation by 2035 and mobilizing $20 billion for energy efficiency programs.

These are all necessary steps to protect Türkiye's people and economy. As a major player in global trade, Turkey is exposed to the risks of a global low-carbon transition, which will lead to reduced demand for goods produced through emissions-intensive processes. The expected impact of the EU Green Deal is of particular importance for Turkey given that nearly 50% of the country's goods exports go to the EU. Recent regional geopolitical tensions and resulting disruptions in energy supplies also highlight the risks faced by countries like Turkey that rely on fossil fuel imports. In the case of Türkiye, imports represent 99% of gas and 93% of oil.

These challenges, and countless others that can derail any country's path to prosperity, underscore the urgent need for action to support a resilient post-earthquake recovery.

The World Bank Group is a development partner that Turkey can rely on. Our partnership, which began nearly 75 years ago, only grows stronger over time, and we are committed to supporting Turkey now and for years to come.

One example of our commitment to Türkiye was in the immediate aftermath of the devastating earthquakes. At a record pace, the World Bank provided an estimate of the physical damage caused by the earthquakes and later approved two operations worth $1.45 billion that will help rebuild damaged or collapsed infrastructure, provide health services, rebuild rural housing for 7,000 people, and support small enterprises. Businesses are recovering. Both operations are also being implemented at a record pace, with financial lifelines extended to nearly 9,000 small businesses, damaged health facilities refurbished and re-equipped, and the foundations for rural housing laid.

This reinforces a $600 million operation by the bank's International Finance Corporation, which will channel resources across the financial sector to improve private sector access to credit, and the Multilateral Investment Guarantee Agency, which is providing guarantees to build a hospital in the country. Gaziantep with the capacity to serve 9,000 patients daily.

We are also setting up new operations for earthquake-affected areas to help rebuild schools and support the agriculture sector. We have a large program in Türkiye worth about $17 billion. We expect this number to double over the next three years, which reflects the excellent partnership between Turkey and our organization.

February 6, 2024 will serve as a sobering reminder of the disaster that struck Türkiye a year ago. However, actions taken today and in the coming years can help reduce the risks and impacts of future shocks.

This article was originally published in Turkish by Economy Magazine, Source: World Bank

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