World Bank Estimates Cost Of Quake/Tsunami At $235 Billion - Five Years To Rebuild - AFP

Japan's massive earthquake and tsunami could cost its economy up to $235 billion, or 4.0 percent of output, and reconstruction could take five years, the World Bank warned Monday. "If history is any guide, real GDP growth will be negatively affected through mid-2011," the Bank said in its latest East Asia and Pacific Economic Update report.

But growth should pick up in subsequent quarters "as reconstruction efforts, which could last five years, accelerate", it added.

The lower end of the damage estimates, based on projections by the Japanese government and the private sector as of March 17, was equivalent to 2.5 percent of gross domestic product (GDP), or $122 billion.

Ratings agency Moody's in a special report said downside risks had increased over the past week for Japan's economy, sovereign credit, banking, insurance, and non-financial corporate sectors.

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http://www.terradaily.com/reports/Disaster_could_cost_Japan_235_billion_WBank_999.html