Singapore, Mar.21 (ANI): The World Bank has said in its latest East Asia and Pacific Economic Update report that the earthquake and tsunami that hit Japan on March 11, could result in an economic loss of up to 235 billion dollars, or four per cent of its gross domestic product (GDP).
The report also states that it would take Japan about five years to rebuild. The calamity has claimed over 8600 lives and left more than 12800 people missing, News.com.au reports.
The report said that the "damage to housing and infrastructure is unprecedented, and adds that growth should pick up in due course.
The World Bank report notes that after the 1995 Kobe earthquake, Japan's trade had slowed only for a few months, with imports recovering fully within a year and exports rebounding to 85 percent of pre-quake levels in the same period.
"But this time around, disruption to production networks, especially in automotive and electronics industries, could continue to pose problems (beyond one year)," it added. (ANI)
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