The cost of the damage caused by the 8.9-magnitude earthquake and resulting tsunami that struck Japan March 11 could range from $122 billion to $235 billion, according to the World Bank.
In a report, the World Bank said it expects Japan’s economy to temporarily slow down but eventually pick up once reconstruction efforts start. The bank noted that this temporary slowing down of the Japanese economy will only have a modest impact on other Asian economies, The Wall Street Journal reports.
Meantime, the Japanese government is gaining ground in re-establishing electricity and water supplies in some of the hardest-hit areas across the country, but huge needs remain unmet, according to The Wall Street Journal. Thousands of people are still housed in evacuation centers, and many lack full meals and adequate medications, the news agency says.
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