01:49 ET<\/span>
\n<\/span><\/p>\nJapan may need up to five years to rebuild from the disastrous earthquake and tsunami that has caused up to $235bn (\u00a3145bn) of damage, the World Bank said in a report.<\/p>\n
It also estimates about 0.5% was shaved from the country’s economic growth this year.<\/p>\n
However, it expects growth to pick up again in the second half of the year.<\/p>\n
The 11 March earthquake and tsunami, disrupted production networks in the automotive and electronic industries.<\/p>\n
“Damage to housing and infrastructure has been unprecedented,” The World Bank said.<\/p>\n
“Growth should pick up through subsequent quarters as reconstruction efforts, which could last five years, accelerate,” it said.<\/p>\n
The bank estimates the damage to be between $123bn and $235bn.<\/p>\n
Knock-on effects<\/span><\/p>\nThe World Bank also predicted that East Asia would be affected in a separate report.<\/p>\n
“In the immediate future the biggest impact will be in terms of trade and finance,” Vikram Nehru, World Bank chief economist for the East Asia and Pacific region.<\/p>\n
Japan’s north-east region, where the earthquake and tsunami hit, is home to ports, steel mills and manufacturers of auto and electronic components.<\/p>\n
“Disruption to production networks, especially in automotive and electronics industries, could continue to pose problems,” the World Bank said.<\/p>\n
The other worrying factor for the region is that about one-fourth of East Asia’s long-term debt is denominated in yen.<\/p>\n
For China it is only about 8% but for Thailand it is about 60%.<\/p>\n
A 1% appreciation in the Japanese yen translates into about a $250m increase in annual debt servicing on the yen-denominated assets held by the nations, the report points out.<\/p>\n
The region is expected to see less robust growth in 2011 as it fights inflation.<\/p>\n<\/p><\/div>\n<\/p>\n
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