21 Mar '11, 2am

The March 11 quake & tsunami could cost Japan's economy up to $298.1 billion, the World Bank said

The March 11 quake & tsunami could cost Japan's economy up to $298.1 billion, the World Bank said

A man walks through tsunami damage in Natori, Miyagi prefecture. The World Bank says the massive quake and tsunami could cost Japan up to US$235 billion. -- PHOTO: AFP SINGAPORE - THE massive quake and tsunami of March 11 could cost Japan's economy up to US$235 billion (S$298.1 billion), or 4 per cent of output, but reconstruction will spur recovery later this year, the World Bank said on Monday. 'If history is any guide, real GDP growth will be negatively affected through mid-2011,' the World Bank said in its latest East Asia and Pacific Economic Update report. It added that growth should pick up in subsequent quarters 'as reconstruction efforts, which could last five years, accelerate'. The lower end of the World Bank's estimate of the twin disasters' impact was US$122 billion, equivalent to 2.5 per cent of gross domestic product. -- AFP

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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