This week on Counting the Cost, we look at Typhoon Haiyan and the enormous task of dealing with its aftermath. Damage, clean-up, recovery – what is it going to cost the Philippines and what do past disasters tell us?
There is the immediate concern of getting food, water and shelter to those affected by the typhoon. At week’s end, there were still islands where people said they had had no help at all.
More than nine and half million people – about one-tenth of the Philippines’ population – were affected.
The international community pledged tens of millions of dollars to the aid effort but damage to the infrastructure has made it difficult to get aid and services through to the needy.
But there are also long-term effects: Many fear that the typhoon’s impact could slow the entire Philippines economy, an economy that has been expanding at a rapid clip – 7.6 percent in the first six months of this year. The affected region accounts for 18 percent of GDP, most of it agricultural. Around $324 million could be lost from the region’s agricultural and fishing industries.
On a wider scale, the typhoon may slice as much as 1.4 percent off the Philippines’ economic output. According to the disaster modelling firm Kinetic Analysis, losses could be as high as $15bn or 5 percent of economic output.
Counting the Cost speaks to Daniel Martin from Capital Economics in Singapore about what Typhoon Haiyan will mean for the Philippines’ economy.
Ireland: The cost of recovery
It was just weeks after the Lehman Brothers’ collapse, triggering the North Atlantic financial crisis that Ireland found itself fighting to save its own banking system.
So it took a $90bn loan from the International Monetary Fund and its European partners. But with the bailout came austerity and the Irish government had to make cuts. Now the words ‘Ireland’ and ‘recovery’ are used in the same sentence.
Counting the Cost speaks to Alan Barrett, a research professor and the head of economic analysis at the Economic and Social Research Institute about the bailout that saved Ireland and the cost of three years of austerity.
Qatar boat show
The Qatar International Boat Show was held this week. Despite a long seafaring history, the boat industry is still in its infancy in Qatar, but the demand for such craft is comparatively high.
With Francesco Frediani, from the Italian company Overmarine, we take a look around one of the super yachts and find out what all the fuss is about.
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