The Confederation of Enterprises and Businesses of Turkey said that the damage to the country's economy caused by two deadly earthquakes will amount to more than $84 billion, or about 10% of GDP.. It is reported by Bloomberg.

Earthquakes have caused about $70.8 billion worth of damage to residential buildings and another $10.4 billion to national income, according to Confederate forecasts..

At the same time, labor losses will cost the Turkish economy $2.9 billion.. Earthquakes severely affected 10 provinces and 13.5 billion people in the southeast of the country, as well as in neighboring Syria.

Damage to Turkey's infrastructure, including roads and power grids, as well as hospitals and schools, could push the country's budget deficit to over 5.4% of GDP this year, compared to the official forecast of 3.5%..

Initial calculations by Bloomberg Economics indicated that disaster-related costs, including recovery, could be around 5.5% of GDP..

For his part, Turkish President Recep Tayyip Erdogan said his government would complete housing construction within a year, and around 100 billion lira ($5.3 billion) was initially earmarked for disaster relief..

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Earlier, UN Under-Secretary-General for Humanitarian Affairs Martin Griffiths said that as a result of the earthquakes in Turkey and Syria, the death toll could rise to 50,000 or even more..