Massive economic loss for quake-hit Haiti

In the aftermath of the massive loss of life Haiti it is difficult to discuss issues relating to dollars and cents. Yet the earthquake that has shattered Haiti came at a time when the country’s impoverished economy was slowly bouncing back from previous natural disasters and the global economic crisis. According to the World Bank, the economic loss caused by the earthquake could be pretty hefty:

The earthquake in Haiti will cost the nation’s economy at least 15 percent of its gross domestic product, said Pamela Cox, the World Bank’s vice president for Latin America and the Caribbean.

The Jan. 12 quake is a “much bigger tragedy” than the four tropical storms or hurricanes that struck the nation in 2008, Cox said in an interview today with Bloomberg Television. Reconstruction efforts will take years and require help from the private sector, she said.

Image- The Telegraph
Online Sources- Bloomberg, Wall Street Journal, Guardian UK