Storms to hit Philippine growth, raise poverty: World Bank

Posted by 7Star Thursday, December 3, 2009

Two typhoons which struck the Philippines' main island of Luzon in recent months will probably dampen growth in the near term, stretch state finances and push 480,000 people into poverty, a post-disaster report showed on Wednesday. Damages and losses to crops, property, and infrastructure from typhoons Ketsana and Parma reached nearly $4.4 billion, or 2.7 percent of the Southeast Asian country's gross domestic product.

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