• The economy was hit by the earthquake
• Heavy damage with many buildings collapsing
• Delay in export of goods due to loss in production
• Power outages add to the problem
• Decrease in revenue and increase in public sector expenditure

According to the US Geological Survey, the damage from the deadly earthquake that shook parts of Turkey and Syria is estimated to be around Rs 8.2 thousand crore… A 6.7 magnitude earthquake in the same region in January 2020 caused around Rs. 4.9 thousand crores was lost.

• The economy was hit by the earthquake
• The inflation rate in Turkey in October 2022 was 85.5 percent
• October was a 24-year high
• Inflation fell to 57.7 percent in January
• A month ago in December, it was 64.3 percent
• The Turkish currency lira reached 18.83 against the dollar
• The currency depreciated by around 38% in a year

2018 also saw a crisis in Turkey. But then it was due to US sanctions. The current situation is completely different. Turkey’s situation could worsen in the coming days as central banks in other countries are raising interest rates to control inflation.

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The earthquake has caused terrible devastation in Turkey and Syria. More than 2800 buildings have collapsed in the earthquake and more than 2400 people have been rescued from the rubble. After the earthquakes in Turkey and Syria, India has extended a helping hand. Prime Minister Narendra Modi has expressed grief over this and assured to send all the help…India’s 100-member team of NDRF, dog squad, doctor’s team, relief materials were also sent to Turkey to help. Elbistan was the epicenter of another 7.5 magnitude earthquake in Turkey. When the second earthquake hit, people immediately came out of their houses and gathered on the roads.

Scientists say that aftershocks after a strong earthquake could cause further devastation in Turkey. So far all these buildings have suffered a lot of shocks due to heavy earthquakes, but if there is even a slight earthquake in the future, it will not be likely to collapse. If this happens, not only destruction, but it will become difficult to save people’s lives. Also, infrastructure worth billions of rupees may also be destroyed.

The quake was also felt as far away as Cairo, Lebanon and Cyprus. The strong quake forced Turkey to stop the flow of oil at its Ceyhan export terminal on the Mediterranean coast as a precaution. However, no leaks were found on the crude supply pipelines.

The earthquake was the most powerful in Turkey since 1939, when a powerful earthquake hit the eastern city of Ergincan, killing 33,000 people, said a professor of geology at Istanbul Technical University. Turkey is located in one of the world’s most active seismic zones, where major earthquakes are a constant threat. Earlier in 1999, a powerful earthquake in northwestern Turkey killed about 18,000 people, including about 1,000 in Istanbul. Deuz was one of the areas hit by the 7.4 magnitude earthquake that hit Turkey the worst in decades. In January 2020, a magnitude 7.0 earthquake struck the Aegean Sea in October, killing 114 people. According to the United States Geological Survey, 18 aftershocks were recorded after the magnitude 7.8 earthquake, with a magnitude greater than 4. After the first earthquake, 7 major earthquakes had a magnitude greater than 5.

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