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(CNN) – The total cost of the quake and tsunami on the Japanese economy could hit $235 billion and take five years for the nation to rebuild, according to a World Bank report released Monday.
“If history is any guide, real gross domestic product growth will be negatively affected through mid-2011,” the report said. “Growth should though pick up in subsequent quarters as reconstruction efforts, which could last five years, accelerate.
“While it is too early to estimate accurately, the cost of the damage is likely to be greater than the damage caused by the 6.9 magnitude Kobe earthquake in 1995,” the report added.
The report projects that cost estimates could range between $122 billion to $235 billion, or between 2.5% and 4% of GDP, citing government and private estimates. The Kobe earthquake, which killed nearly 6500 people, cost around $100 billion.
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