Devastation in the Philippines
The latest super storm to capture the world’s attention slammed in the Philippines and will likely become the most expensive and tragic of any storm to hit anywhere even though it struck a part of the country that was less populated. At one point it was aimed squarely at Manila, and that would have caused destruction that would be incalculable.
Economically, the Philippines was having a very strong economic year. Growth rates were the envy of the region and the world. That growth is now likely to falter for a few quarters. Again, the good news is that most of the business sector of the country was spared, but handling the recovery will tax the economy beyond what it can easily stand. The level of international aid will have a lot to do with that recovery, but so far the response has been meager given the magnitude of the crisis.
- Chris Kuehl, PhD, Armada Corporate Intelligence