Some of Asia's most important growth economies have the highest financial risk from the threat of natural hazards – that’s according to risk analysis firm Maplecroft’s latest report - Natural Hazards Risk Atlas.
Just one week after the flooding of Manila, Philippines, the group has revealed that the resulting impacts of natural disasters – such as hurricanes, earthquakes and cyclones - in the Asian growth economies of Bangladesh, the Philippines, Myanmar, India and Vietnam would not only include disruptions to their domestic economies, but also to the operations and supply chains of many of the world's largest corporations who invest in these locations because of their significant growth opportunities.
The Philippine’s Economic Planning Secretary already confirmed that the damage caused by typhoons and other disasters in 2011 reached the equivalent of $1.4bn. This year’s economic damage has yet to be quantified.
While India and the Philippines are only two out of a list of countries that have the highest financial risk from the threat of natural hazards, some countries have the highest economic exposure to these elements but have the capacity to recover more quickly.
Maplecroft identified Japan, USA, China, Taiwan and Mexico as having the highest economic exposure to natural hazards in absolute terms.
Written and Presented by Lianna Brinded.