Related News
Japan puts quake cost damage to economy at US$309b
March 23, 2011, Wednesday
|
Online Edition
Online Edition
THE Japanese government in provisional estimations today said that the economic cost of the March 11 devastating earthquake and ensuing tsunami on the seven most affected prefectures in the northeast of Japan could total up to US$309 billion.
The Cabinet Office said that, without including the possible cost of planned power outages, the cost of rebuilding crippled infrastructures, businesses and housing could push the nation's GDP 0.5 percent lower and cost between US$198 and US$309 billion.
"We provided the number based on data available so far, and cannot help having certain ranges in our estimate," economic and fiscal policy minister Kaoru Yosano told reporters.
"As there are some people who are concerned the Japanese economy could sink, I am saying the actual loss of GDP will be this size," Yosano said.
The government noted however that the domestic economic fallout could be offset to a degree by the massive forthcoming rebuilding and construction projects, which will span the northeast region of the country.
"We must keep in mind that because of the earthquake, production could slow down over an extensive area and for a lengthy period," Yosano added.
The World Bank's chief economist on Wednesday estimated the economic cost of the catastrophe to be in the region of US$122-235 billion, but suggested Japan's economic recovery would gain momentum in the fourth quarter.
"After the post-disaster reconstruction period spanning over the 2nd and 3rd quarters, the economy recovery will speed up," Justin Lin, chief economist at the World Bank, was quoted as saying.
The World Bank initially estimated that the total cost of the earthquake and tsunami damage to Japan could be in the region of US$235 billion and following the disaster on March 16, Goldman Sachs Group Inc. estimated the total cost of the disaster to reach just US$197 billion, which alone is 1.6 times the amount of the earthquake that hit Kobe in May 1995.
Meanwhile, Japan's National Police Agency reported that the death toll following the quake and tsunami rose to 9,408 today, with 14,716 people still unaccounted for.
The Cabinet Office said that, without including the possible cost of planned power outages, the cost of rebuilding crippled infrastructures, businesses and housing could push the nation's GDP 0.5 percent lower and cost between US$198 and US$309 billion.
"We provided the number based on data available so far, and cannot help having certain ranges in our estimate," economic and fiscal policy minister Kaoru Yosano told reporters.
"As there are some people who are concerned the Japanese economy could sink, I am saying the actual loss of GDP will be this size," Yosano said.
The government noted however that the domestic economic fallout could be offset to a degree by the massive forthcoming rebuilding and construction projects, which will span the northeast region of the country.
"We must keep in mind that because of the earthquake, production could slow down over an extensive area and for a lengthy period," Yosano added.
The World Bank's chief economist on Wednesday estimated the economic cost of the catastrophe to be in the region of US$122-235 billion, but suggested Japan's economic recovery would gain momentum in the fourth quarter.
"After the post-disaster reconstruction period spanning over the 2nd and 3rd quarters, the economy recovery will speed up," Justin Lin, chief economist at the World Bank, was quoted as saying.
The World Bank initially estimated that the total cost of the earthquake and tsunami damage to Japan could be in the region of US$235 billion and following the disaster on March 16, Goldman Sachs Group Inc. estimated the total cost of the disaster to reach just US$197 billion, which alone is 1.6 times the amount of the earthquake that hit Kobe in May 1995.
Meanwhile, Japan's National Police Agency reported that the death toll following the quake and tsunami rose to 9,408 today, with 14,716 people still unaccounted for.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
