WASHINGTON—The World Bank on Monday said the February earthquakes are expected to have caused Syria’s real GDP output to contract by 5.5 percent in 2023, with recovery and reconstruction needs estimated at $7.9 billion over three years.
The World Bank said its Rapid Damage and Needs Assessment report estimates the earthquakes that hit northern and western Syria on Feb. 6 and Feb. 20 caused physical damage of $3.7 billion in the country, with another $1.5 billion in economic losses for a combined damage impact of $5.2 billion.
The World Bank had previously projected a 3.2 percent contraction in Syria’s 2023 economic output, due to continuing conflict, high grain and energy prices and shortages, along with water scarcity that is limiting crop output….