TIME Asia

The Philippines Is Still Paying the Price for That Supertyphoon

An aerial shot shows clouds above Manila on December 23, 2013. Ted Aljibe / AFP / Getty Images

Supertyphoon Haiyan Hampers Philippine Growth

Outpacing most other Asian economies in the first nine months of 2013, Philippine growth was hampered in the year’s last quarter by the devastating effect of Supertyphoon Haiyan, which claimed more than 6,000 lives and disrupted the livelihoods of more than 4 million people.

Gross domestic product rose 6.5 percent from a year earlier, down from the 7.7 percent growth in the first half of the year, but still better than earlier estimates of between 4.1 to 6 percent.

Seen over the whole year, GDP growth still climbed to 7.2 percent, making 2013 the first time in 25 years that growth exceeded six percent two years in a row.

The World Bank predicts that Haiyan’s effect will slow Philippine growth to about 6.5 percent this year, while Manila maintains its target of 6.5 to 7.5 percent.

[FT]

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