“Improvement should continue simultaneously in both areas”

Assist. Prof. Dr. Hasan Rüstemoğlu from the Faculty of Economics and Administrative Sciences of Cyprus International University (CIU) stated that the earthquake with its epicenter in the Pazarcık district of Kahramanmaras province had economic repercussions and also caused  psychological, sociological and vital destruction. He also drew attention to the importance of recovery and rehabilitation to be carried out  simultaneously in both areas.

Reminding that due to the earthquake, many people had difficulty in reaching their most basic needs such as food, clothing and shelter, Rüstemoğlu also expressed that many people had to migrate to different provinces from earthquake struck regions.

Rüstemoğlu said, "Unfortunately, economic recession or stagnation seems inevitable", adding manufacturing of goods  which forms the backbone of the country’s economy carries the risk of coming to a standstill with this earthquake, as it was the case after the earthquake that took place in Marmara in 1999.

Rüstemoğlu also mentioned that the inflationary pressures intensifying in Turkey and Northern Cyprus for a long time, and pointed out that the economic recession that will be inevitable because of  the earthquake will put the current economic recession in an even more difficult situation.

Rüstemoğlu stated that the Turkish Enterprise and Business Confederation (TÜRKONFED) predicts a financial damage of around 84 billion dollars of the 2023 of the Kahramanmaraş earthquake and said, “According to TÜRKONFED, the 2023 budget deficit, which is predicted to be around 660 billion TL, is expected to exceed 1 trillion TL with financial damage caused by the earthquake . ” 

Rüstemoğlu said that seven important headings stand out especially in terms of damage to the infrastructure, and these are namely transportation, electricity, natural gas, pipe lines, communication, hospitals and schools.

Rüstemoğlu also stated that the cooperation and solidarity culture that the citizens of Turkey and Northern Cyprus have shown from the first moment is remarkable, but noted that there is a need for systematic policies and coordination to organize and distribute the aid according to the needs of the earthquake victims.

Emphasizing that especially policy makers have serious responsibilities in this regard, Rüstemoğlu said, "Just as in the Covid-19 process, it is important to keep the culture of solidarity alive and policy makers should work in coordination to immediately deliver aid to earthquake victims."