Turkey earthquake: JPMorgan estimates direct damage at $25bn

The destruction of physical infrastructure in Turkey from the 6 February earthquake could amount to 2.5 percent of gross domestic product, or $25bn, JPMorgan said on Thursday.

Meanwhile, the European Bank for Reconstruction and Development (EBRD) said in a report published on Thursday that the potential economic impact of the earthquake in Turkey could result in a loss of up to one percent of the country's GDP this year.

The bank added that this is a "reasonable estimate" due to the expected boost from reconstruction efforts later this year, which will offset the negative impact to infrastructure and supply chains.