World Bank says Syria quakes caused $5.2 bln in damage, 5.5% GDP contraction for 2023

WASHINGTON, March 20 (Reuters) - The World Bank on Monday said February earthquakes are expected to have caused Syria's real GDP output to contract by 5.5% 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.

Reporting by David Lawder Editing by Chris Reese

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

World Bank says Syria quakes caused $5.2 bln in damage, 5.5% GDP contraction for 2023

By Reuters

Reuters

Reuters

Solid price gains for gold, silver after busy news weekend

‘Biggest economic shift since Nixon’: Major U.S. monetary policy changes coming in 12-36 months – Jack Mallers

Gold is never going back to $2,000: 'That's history,' prices to 3x from here – Peter Schiff

India joins South Africa in denying BRICS currency plans after Trump’s 100% tariff threat

CPI, ECB rate decision could be the catalyst gold needs, with $2,708 the key resistance – StoneX’s Razaqzada