TSKB Economic Research Publishes a New Earthquake Report to Improve Disaster awareness and Preparedness

The report ‘Comma - An Earthquake Year is Not a Single Year’ by TSKB Economic Research presents findings on the economic outlook of the region since the earthquakes with epicenter in Kahramanmaraş and puts forth recommendations for recovery. The report underlines that the effects of the earthquake are not limited to one single calendar year. TSKB Economic Research also shares its commitment to plan its 2024-2026 research agenda with a focus on ‘disaster awareness and preparedness’. Based on this commitment, the Bank intends to help ensure that international development finance funds, which are expected to flow rapidly in the aftermath of major disasters, are channeled to potentially most efficient areas as required and for the right reasons, and that improving resilience to disasters other than earthquakes are rendered a permanent item on the agenda.

TSKB Economic Research published its new report ‘Comma - An Earthquake Year is Not a Single Year’, which analyzes the long-term effects of the earthquake. The report emphasizes that the economic and social impacts of the earthquake are not limited to one single calendar year and that the recovery process needs to be designed from a multi-year perspective.

In its first report in 2023 titled ‘Designing the Post-Earthquake Era: Some Thoughts from Development Perspective’, in consideration of the notion that ‘Türkiye is an earthquake zone as a whole’, TSKB Economic Research underlines that the negative effects of earthquakes are not limited to only those cities where natural disasters occur. This time, in its most recent report, TSKB Economic Research takes a closer look at the long-term effects of disasters, with the ultimate conclusion that ‘an earthquake year is not a single year’. TSKB Economic Research aims to contribute to the development of a long-term approach to improve resilience against earthquake and non-earthquake disasters in Türkiye and to foster a productive and constructive discussion environment on disaster management in which all stakeholders will play a key role.

A report every year to enhance disaster awareness and preparedness

TSKB Economic Research has decided to publish annual reports monitoring the recovery in the earthquake zone in the 2024-2026 period. These reports will enable TSKB Economic Research to focus on Türkiye's strategic development areas, disaster resilience, and recovery. Each report will include macroeconomic assessments with content reflecting the progress of recovery in the earthquake-stricken region as well as the disaster risk. Furthermore, efforts will be made to create a constructive cooperation environment.

Reinstating physical facilities and social networks is critical

The report includes assessments on the recovery process in the earthquake region and draws attention to the inadequacy of housing and sheltering conditions in some cities. Solving this problem will help displaced people return to their hometowns and jobs.

The report states that repairing physical facilities is a top priority in the recovery process and that the return of workers to work and students to schools cannot be ensured through physical repairs alone. The report points out that cities are not solely a group of established building stock but rather a living network of social relations, underlining that actual recovery depends on reinstating these networks, coupled with the creation of new networks. To that end, policies supporting social network creation will also play a key role in the region's resurgence by alleviating the labor supply problem.

Disasters deepen gender inequality

The report highlights that women's participation in economic and social life in the post-disaster period is crucial in terms of increasing the society's ability to cope with disasters and underlines that women's employment rate and relative wages are currently declining in the earthquake-stricken region. The report states that this deepens gender inequality and that women's participation in economic life in earthquake regions must be addressed as a special agenda item.

Strategic recommendations for inclusive development in cities hit by the earthquake

Pointing out that green transformation is a driver for the change in global trade trends, the report makes the following recommendations:

• "Environmental products can be selected in a way that prioritizes the recovery of the earthquake-stricken region. Planning the new capacity to be created for related products in the earthquake region contributes to transforming the region into a green hub, considering the input and output as well as the logistics connections. Such a strategy can both reinforce Türkiye's superiority in these products and leverage the development of the earthquake region.

• Green transformation brings about major changes in global production, consumption, investment decisions, competitiveness and the search for efficiency. The earthquake region can be reconstructed as an economic area focusing on green transformation. A ‘Green Economic Zone’ rather than a Green Organized Industrial Zone can be created there. This exclusive economic area, which also includes a geographical definition, can become a production hub for sectors and products regarding which Türkiye wants to play a role in the global green transformation process.

• The carbon storage capacity of soil can be improved by expanding sustainable practices in agricultural activities. Accordingly, carbon credits can be generated from the carbon stored in the soil, and they can be sold in voluntary carbon credit markets to generate additional income. The impending Turkish carbon market could well be established in the region. 

• This region can be identified as a hub for investments in numerous areas ranging from the employment of women, the youth and the disabled, digitalization, green transformation and low-emission production to ecosystem-friendly, nature-positive projects. 

• From low-emission industrial production to nature-based carbon storage methods in agriculture, foreign funding opportunities can also be utilized for progress and in the quest for post-disaster recovery.

You can access the full report here