Typhoon may cut Philippines’ growth by 1%

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Phil typhoonPhilippine Finance Minister Cesar Purisma said that the devastation caused by the Typhoon Haiyan could reduce growth by one percentage point in 2014, the BBC reported.

He also said it would take “many years” to rebuild the infrastructure damaged by the storm. The official death toll from the typhoon stands at more than 2,300, but it is expected to rise much higher.

Typhoon Haiyan was one of the most powerful storms ever recorded on land. It hit the coastal Philippine provinces of Leyte and Samar on November 8 and swept through six central Philippine islands. Purisma says that the worst affected region accounts for 12.5 per cent of the Philippine economy and a steep slowdown there could slow the overall economy by one percentage point in 2014. The International Monetary Fund forecast that the Philippines economy will grow by 6% in 2014.

“Some of the infrastructure under normal circumstances requires a long time, for example transmission lines – you don’t build transmission lines overnight,” he said, adding that the Philippines is among the three countries most vulnerable to natural disasters.

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Reading Time: 1 minute

Philippine Finance Minister Cesar Purisma said that the devastation caused by the Typhoon Haiyan could reduce growth by one percentage point in 2014, the BBC reported.

Reading Time: 1 minute

Phil typhoonPhilippine Finance Minister Cesar Purisma said that the devastation caused by the Typhoon Haiyan could reduce growth by one percentage point in 2014, the BBC reported.

He also said it would take “many years” to rebuild the infrastructure damaged by the storm. The official death toll from the typhoon stands at more than 2,300, but it is expected to rise much higher.

Typhoon Haiyan was one of the most powerful storms ever recorded on land. It hit the coastal Philippine provinces of Leyte and Samar on November 8 and swept through six central Philippine islands. Purisma says that the worst affected region accounts for 12.5 per cent of the Philippine economy and a steep slowdown there could slow the overall economy by one percentage point in 2014. The International Monetary Fund forecast that the Philippines economy will grow by 6% in 2014.

“Some of the infrastructure under normal circumstances requires a long time, for example transmission lines – you don’t build transmission lines overnight,” he said, adding that the Philippines is among the three countries most vulnerable to natural disasters.

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