MASTER’S IN BUSINESS ADMINISTRATION - 2023

GROUP ASSIGNMENT
Economics For Management

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MODULE NAME DUE DATE LECTURER

ECONOMICS FOR MANAGEMENT 21 ARPIL 2023 PROFESSOR CECILE GERWEL

It is the responsibility of the Group Coordinator to complete and submit this form, which must accompany
the completed assignment.

Declaration by Group Co-Ordinator:

I hereby confirm that the members of the group listed below have participated in this assignment and are
therefore entitled to share in the marks awarded

Signature: Student Name: Student Number:

STUDENT NO. SURNAME FIRST NAME SIGNATURE CONTRIBUTION %

204503157 NGCOBO NOLWAZI 100%

223099793 MJWARA NOKULUNGA 100%

204519407 SABELA NKOSIKHONA 100%

9903861 XHAKAZA SANDILE 100%

 Table of Contents
1. INTRODUCTION....................................................................................................................3

2. BACKGROUND......................................................................................................................3

3. TURKEY ECONOMY..............................................................................................................3

3.1. Economy Overview..........................................................................................3

3.2. Empirical Data Discussion................................................................................3
3.3. Critique of the Aggregate Demand – Aggregate Supply Model......................3

4. CONCLUSION........................................................................................................................3

Bibliography..................................................................................................................................4
1. INTRODUCTION
This essay explores the effects of the February 2023 earthquake on Turkey Economy. In that
the essay provides an overview, discussion of the 6 February 2023 earthquake disaster on
the economy of the Republic of Turkey and critique the usefulness of the ‘aggregate
demand’ – ‘aggregate supply’ model to explain the impact of these earthquakes on Turkish
economy.

2. BACKGROUND
The earthquake took place on 06 February 2023, affecting eleven cities of the Republic of
Turkey, i.e., Adana, Adiyaman, Diyarbakir, Elazig, Gaziantep, Hatay, Kahramanmars, Kilis,
Malatya, Osmaniye, and Sanliurfa, (Gursoy, et al., 2023).

Earthquakes consequences ate that it destroys infrastructure, people displacement, disrupt

business and loss of life. Furthermore, it causes severe destruction on economy of the
country affected by the earthquake. Likewise, Turkey is one of the countries that are prone
to earthquakes, and its economy have been affected by earthquakes.

Previous experiences from past earthquakes indicates that the earthquake effects on Gross
Domestic Products (GDP) could be transient, as the public spending on reconstruction will
provide economic stimulation, (Aksoy, et al., 2023).

3. TURKEY ECONOMY

3.1. Economy Overview

3.2. Empirical Data Discussion

3.3. Critique of the Aggregate Demand – Aggregate Supply Model

4. CONCLUSION
 Bibliography
1. Aksoy, C. G. et al., 2023. Economic Observartory. [Online] Available at:
ttps://www.economicsobservatory.com/what-is-the-likely-impact-of-the-earthquakes-on-economic-
growth-in-turkiye [Accessed 05 April 2023].

2. Gursoy, S. et al., 2023. The Impact of 2023 Turkey Earthquake on Instabul Stock Market: Evidence
from Fourier Volatility Spilover Test. Social Science Research Journal, 12(1), pp. 98 - 105.