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World Bank states quake will have 'temporary' effect on Japan’s growth

22-Mar-2011 8:51 AM

World Bank, in its latest East Asia and Pacific Economic Update, stated (21-Mar-2011) Japan’s real GDP growth will slow, but the slowdown will likely be temporary, as a result of the earthquake and tsunami and growth should start picking up after mid-2011 as reconstruction efforts get underway. World Bank added that the short-term effect on the economies of developing East Asia is likely to be limited. [more]

World Bank: "Clearly given Japan's importance in East Asia, the tragic events unfolding will be felt in the region. But it's far too early to give an accurate assessment of the likely damages. At this stage, we expect the economic impact of this disaster on the East Asian region to be fairly short-lived. In the immediate future the biggest impact will be in terms of trade and finance. We expect growth in Japan will pick up as reconstruction efforts accelerate," Vikram Nehru, Chief Economist for the East Asia and Pacific region. Source: Company Statement, 21-Mar-2011.