Newsletters & Press

March 2023

Nearly 2 months after the earthquakes in southeastern Turkey, the still provisional toll reported more than 47,000 dead. While the first estimates declared 118,000 homes destroyed or condemned, more than 278,000 buildings will have to be rebuilt or renovated. The area to be rebuilt covers 110,000 km2, an area with a population of 13 million. According to a United Nations estimate, the amount of damage amounts to more than 100 billion USD, or 11% of Turkey's GDP in 2022. However, experts estimate that the total cost of the disaster will not be known until after several years.

The affected areas cover 16.1% of the country's agricultural land, where in particular 33% of corn and 72.7% of cotton are produced. Following the earthquakes and the suspension of operating activities, a shortage could cause a significant increase in prices as inflation slowed in February for the fourth consecutive month (to 55.2%), after several months of increases including a peak of more than 85% last October. This setback comes as the country prepares for presidential and legislative elections of particular importance. Maintained on May 14, the presidential election is organized around two major coalitions of parties: the "Popular Alliance" which brings together the parties of the AKP - Justice and Development Party (conservative) - of the MHP nationalist (ultra-nationalist) movement - and the BBP Great Unity Party and of which the current President Erdoğan is currently the head and who will run for the last time. Facing the outgoing president, Kemal Kiliçdaroğlu has just been invested as the official candidate by the opposition coalition the "Alliance of the Nation" which brings together six political parties.

As a crucial election year looms and the results of which promise to be close, the year 2023 will remain highly symbolic since it will also be marked by the realization of a 60-year-old dream: the commercialization of the first vehicle " Made in Türkiye", the TOGG T10X, a 100% electric SUV made entirely in Turkey. 177,467 pre-orders were received in 12 days for the local market. The Turkish manufacturer plans to market its SUV by the end of 2024 in Europe.

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