Asia-Pacific

Five years for Japan to recover: World Bank

(Agencies)
Updated: 2011-03-21 10:47

SINGAPORE- The World Bank says Japan may need five years to rebuild from the catastrophic earthquake and tsunami that has caused up to $235 billion of damage.

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The bank said Monday that the March 11 disaster- which killed more than 8,600 people and left more than 12,800 missing, and ravaged northeastern Japan- will likely shave up to 0.5 percentage point from the country's economic growth this year.

The World Bank said that "damage to housing and infrastructure has been unprecedented. Growth should pick up, though, in subsequent quarters as reconstruction efforts, which could last five years, accelerate."