Morocco has historically drawn tourists looking for a true North African experience with its vibrant culture, breathtaking scenery, and ancient treasures. The country's tourist sector has flourished, becoming a crucial pillar of its economy thanks to its vibrant marketplaces, alluring deserts, and charming seaside villages. Underneath these infamous tourist destinations is a tale of resiliency and rehabilitation as Morocco dealt with the catastrophic effects of a massive earthquake with a whopping magnitude of 6.8.
According to the US Geological Survey, the terrible earthquake that hit Morocco on Friday has so far claimed the lives of almost 2,500 people and damaged the country's economy by up to 8% of its GDP. The World Bank estimates that the GDP of North Africa will be $134.18 billion in 2022. A loss of 8% is a very significant amount of money as they are talking about the total money in the country. Morocco might suffer significant economic losses as a result of the earthquake, according to USGS, which among other things tracks the effects of earthquakes throughout the world. According to the assessment, "extensive damage" is expected.
However, Turkey, a country in a similar geographical context as Morocco, was also struck by a devastating earthquake in February which killed more than 50,000 people has seen a decent recovery for its tourism markets as there are large amounts of foreign visitors still visiting to this day. According to the World Bank, the tragedy inflicted damage of $34.2 billion, which is equal to 4% of the nation's GDP in 2021. Although the percentage is lower than Morocco's, this is partly due to Morocco’s GDP being lower.
This incident is important because it demonstrates how even the best economies can be caught off guard by natural causes. These accidents have a great negative impact on the economy and have often caused periods of recession in the economy. The country's will to revive and rebuild its tourist industry and help its citizens is indicative of a larger lesson in economic flexibility and resilience, which is a very important trait to have when dealing with unexpected events. It offers insightful information for both Morocco and other countries experiencing comparable difficulties.
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