10 May '11, 12am

The economic impact of the NZ quakes will be greater than that of Japan's, eating up 7.5% of its GDP: IMF

The economic impact of the NZ quakes will be greater than that of Japan's, eating up 7.5% of its GDP: IMF

Mike Bartelmeh returns to inspect his earthquake-damaged property on Worcester Street. The earthquakes that struck New Zealand will eat up about 7.5 per cent of its GDP, more than the impact of the earthquake and tusnami in Japan, the IMF said. -- PHOTO: AFP WASHINGTON - THE earthquakes that struck New Zealand in September and February will eat up about 7.5 per cent of its GDP, more than the cost of the recent disaster in Japan on Tokyo's economy, the IMF said on Monday. The International Monetary Fund estimated that rebuilding after the Christchurch quakes will cost about NZ$15 billion (S$14.6 billion), a heavier burden on the national economy than Japan's 1995 Kobe quake and Chile's huge temblor last year. 'While the scale of damage from the recent Japan earthquake is still uncertain, it is likely to be less than the Canterbury earthquakes as a per cent of GDP,' or gross...

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

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