The FINANCIAL — The devastating earthquake and tsunami that hit Japan 10 days ago may cost the country's economy $235 billion, or 4% of GDP, the World Bank said in a report on March 21, according to RIA Novosti.
The FINANCIAL — The devastating earthquake and tsunami that hit Japan 10 days ago may cost the country's economy $235 billion, or 4% of GDP, the World Bank said in a report on March 21, according to RIA Novosti.
The bank also said in its East Asia and Pacific Economic Update report that the rebuilding effort could take Japan five years.
A 9.0-magnitude earthquake and tsunami hit Japan on March 11, killing thousands. The disaster was followed by a number of explosions at the Fukushima Nuclear Power Plant, spreading fears of a large-scale radioactive contamination.
Efforts are still underway to try to cool down the overheating nuclear cores in the plant's reactors to prevent nuclear fallout.
Spinach and milk produced near the plant has been found to contain levels of radiation iodine far higher than the legal limits, but not at levels dangerous to human health. The sale of some products was halted.
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