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The devastating earthquake and tsunami is projected to cost the Japanese economy up to $235 billion in damages, while the reconstruction efforts could last five years, according to the World Bank.
The estimated damage, which could account for about 4 per cent of the economy, is much more than the $100 billion loss incurred after the 1995 Kobe earthquake.
The World Bank on Monday said that damages from the natural calamity could range from $122 billion to $235 billion. This could be around 2.5 to 4 per cent of the world's third largest economy.
Meanwhile, World Bank Chief Economist and Senior Vice-President, Mr Justin Yifu Lin, told Chinese news agency Xinhua on Monday that the impact of the massive earthquake and tsunami would be felt in the short-term in international financial markets as well.
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