Asian economies most at risk from natural disasters

Asian countries dominate a league table of economies most at risk from earthquakes, floods, storms and other natural hazards, according to research published on Wednesday.

In an assessment of 197 countries, British risk consultancy Maplecroft said six Asian countries were among the 10 countries whose economies were most vulnerable to catastrophes.

The list is headed by Bangladesh and the Philippines, which along with Myanmar are considered to be at "extreme" risk.

Only one other country, the Caribbean state of Dominican Republic, falls into this category, and was rated third overall.

The other countries in the top 10 were India, Vietnam, Honduras, Laos, Haiti and Nicaragua.

The "Natural Hazards Risk Atlas" looks at the impact of natural disasters on a country relative to its economy, taking into account preparedness to deal with such events and social ability to rebound.

If a country's infrastructure is weak and its governance is poor, the economic consequences are that much greater.

The report highlighted the impact on the Philippine economy from storms, landslides, volcanoes and floods, including severe flooding that struck the northern island of Luzon last week.

It also noted the consequences of drought in India, which this year is likely to shave 0.5 percent off the country's gross domestic product (GDP).

The analysis's other benchmark is the absolute exposure to natural hazards, meaning the total bill from a disaster. This is different from relative exposure, which means the economic pain that comes from it.

By the "absolute" yardstick, the countries that face the biggest tabs when natural catastrophes occur are Japan, the United States, China, Taiwan and Mexico.

However, they have greater muscle and stronger institutional means to cope, and this limits the hit to the economy.

"As the global influence of emerging economies increases, the importance of their inherent natural hazard exposure will have wider and deeper global implications," said Maplecroft analyst Helen Hodge.

"The test for emerging and developing economies is to build a stronger capacity to meet the challenge of hazard-prone environments. Failure to do so will risk their ambitious economic growth when the inevitable natural hazards strike."

According to the reinsurance giant Munich Re, 2011 was the costliest year ever for natural disasters, inflicting economic losses of $380 billion. The March 11 2011 earthquake and tsunami accounted for 55 percent of the total.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Sy moves up, Villar enters Forbes list of billionaires
    Sy moves up, Villar enters Forbes list of billionaires

    Eleven Filipinos are included in Forbes’ 2015 list of richest people in the world. Filipino-Chinese tycoon Henry Sy Sr. continues to be the wealthiest man in the Philippines. The 90-year-old SM supermalls, banking and property tycoon ranked 73rd among the world’s richest with an increased net worth of $14.2 billion from $11.4 billion last year. Sy’s net worth was attributed to the continued growth of his SM Investments Corp. and his more recent venture, the City of Dreams Manila resort and …

  • Jolo apologizes to Bong in visit
    Jolo apologizes to Bong in visit

    Cavite Vice Gov. Jolo Revilla wept and embraced his father as he apologized for the “accidental” shooting incident in their Ayala Alabang residence, the family’s spokesman said yesterday. Lawyer Raymund Fortun came out of the private room at the Asian Hospital and Medical Center in Muntinlupa City to speak to reporters, who were barred from entering the hospital compound during the visit of Sen. Ramon “Bong” Revilla Jr. …

  • Australian drug smugglers being taken to Indonesian island for execution - media
    Australian drug smugglers being taken to Indonesian island for execution - media

    By Jane Wardell and Beawiharta SYDNEY/DENPASAR, Indonesia (Reuters) - Two convicted Australian drug smugglers were removed from a prison in Bali on Wednesday to be taken to an Indonesian island where they will be shot by firing squad, Australian media reported. The planned executions of Myuran Sukumaran, 33, and Andrew Chan, 31, have ratcheted up diplomatic tensions amid repeated pleas of mercy for the pair from Australia and thrown a spotlight on Indonesia's increasing use of the death …

  • US billionaire says WWII Japanese ship found in Philippines
    US billionaire says WWII Japanese ship found in Philippines

    Microsoft co-founder Paul Allen said Wednesday he had found one of Japan's biggest and most famous battleships on a Philippine seabed, some 70 years after American forces sank it during World War II. Excited historians likened the discovery, if verified, to finding the Titanic, as they hailed the American billionaire for his high-tech mission that apparently succeeded after so many failed search attempts by others. Allen posted photos and video online of parts of what he said was the …

  • Another source of SAF execution video identified
    Another source of SAF execution video identified

    The National Bureau of Investigation (NBI) is still tracing the source of the video showing one of the wounded police commandos being finished off by Muslim rebels during the encounter in Mamasapano, Maguindanao last Jan. 25. A source from the Department of Justice (DOJ) said they have identified two persons who first uploaded the video that went viral over social networking sites. The supposed source of the video was elusive and claimed that somebody just placed it on an external drive. The …

  • Pacquiao big hit so far in Vegas sports books vs Mayweather

    LAS VEGAS (AP) — Manny Pacquiao has always believed he can do what 47 other fighters before him have failed to do — beat Floyd Mayweather Jr. in the ring. …

  • N. Korea fires missiles in anger at South-US military drills
    N. Korea fires missiles in anger at South-US military drills

    North Korea fired two short-range ballistic missiles into the sea and vowed "merciless" retaliation Monday as the US and South Korea kicked off joint military drills denounced by Pyongyang as recklessly confrontational. The annual exercises always trigger a surge in military tensions and warlike rhetoric on the divided peninsula, and analysts saw the North's missile tests as a prelude to a concerted campaign of sabre-rattling. "If there is a particularly sharp escalation, we could see the …

  • World's oldest person wonders about secret to longevity too
    World's oldest person wonders about secret to longevity too

    TOKYO (AP) — The world's oldest person says 117 years doesn't seem like such a long time. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options