SINGAPORE (AP) — Japan may need five years to rebuild from the catastrophic earthquake and tsunami that has caused up to $235 billion of damage, the World Bank said Monday.
The March 11 disaster — which killed more than 18,000 people and ravaged northeastern Japan — will likely shave up to 0.5 percentage point from the country's economic growth this year, the bank said in a report. The impact will be concentrated in the first half of the year, it said.
"Damage to housing and infrastructure has been unprecedented," the World Bank said. "Growth should pick up though in subsequent quarters as reconstruction efforts, which could last five years, accelerate."
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