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The Tsunami's Economic Blow May Well Be Short-lived |
| Section: CURRENT ISSUES / SPECIAL REPORT--THE TSUNAMI'S RIPPLES |
| Author: Harbaksh Singh Nanda |
| Publication: The world & I online |
| Issue Date: 2/1/2005 |
| Size: 1,046 Words, 6,826 Characters |
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If the head of the United Nations says that the tsunami devastation is the worst he has ever seen, it must be bad, and bode ill for the world economy. Yet most economists coolly assess that, apart from the irrevocable human loss, the disaster will actually boost growth in the region in the long run.
Analysts broadly agree that the more than $4 billion the world has pledged will go a long way in helping Indonesia, Sri Lanka, and Thailand get back on their feet.
India, which lost eleven thousand five hundred people, estimates its economic loss at $1.1 billion and has declined international aid, saying its robust economy can withstand the crisis. New Delhi says its economy will withstand the tsunami lashes and the growth rate of 6.5 percent of gross domestic product (GDP) will remain u...
. . .
...f time if any disaster-stricken countries need it," he said.
Britain, Germany, Italy, and the U.S. have also offered debt moratorium for disaster-stricken countries. But, other than the debt reduction and financial aid, it is the return of tourists that can resuscitate the submerged tourism industry in Thailand and Sri Lanka, famous for tropical beaches.
© 2005 United Press International
(812 of 6,826 characters)
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