World Bank officials say the recent earthquake and tsunami could cost Japan's economy as much as $235 billion and recovery could take up to five years.
Monday's report from the bank says the damage may turn out to be the equivalent of 4 percent of the nation's economic output. The bank predicts that growth will pick up as reconstruction efforts accelerate.
...We are talking now to Dr. Michio Kaku, our friend from City University of New York, Physicist. Just as important, you have friends and family in Japan, you've been in contact with them?
That's right. We tried to call them on the telephone. And they told me, first of all, they saw entire Tokyo metro system is knocked down. One of my relatives can't go home. He has to walk home. And the taxi lines... Can you imagine New York City parallels 10 million people waiting for a taxi? The airports are out. You can't get out. The phone lines are dead, we can't even contact our relatives any more. One relative told me that she was walking down Ginza, downtown Tokyo, she could actually see the building sway. Can you imagine?
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