Viet Nam's GDP growth forecast slashed by 0.15 percent following Typhoon Yagi's $2 billion damage

Two men navigate cattle through deep floodwaters in Sin Thay village Pyinmana Myanmar following Typhoon Yagis heavy rainfall on Sept 13 2024 — Two men navigate cattle through deep floodwaters in Sin Thay village, Pyinmana, Myanmar, following Typhoon Yagi's heavy rainfall on Sept. 13, 2024.

SEOUL, September 17 (AJP) - Viet Nam's government has reported that Typhoon Yagi caused about 40 trillion dong ($2.1 billion) in damages, potentially reducing the country's GDP growth forecast by 0.15 percentage points this year. The super typhoon, which made landfall on Sept. 7, has claimed 281 lives and left 67 people missing in Viet Nam alone.

The hardest-hit provinces, including Hai Phong, Quang Ninh, Thai Nguyen, and Lao Cai, could see their growth rates decline by more than 0.5 percentage points. The agriculture, forestry, and fishery sectors are expected to suffer the most, with a projected 0.33 percentage point drop in growth. Viet Nam's original annual growth forecast for this year was between 6.8 percent and 7.0 percent.

Meanwhile, Myanmar is also grappling with severe aftermath, reporting 113 deaths and 64 missing persons. About 72,900 homes have been damaged, displacing around 320,000 people. The junta spokesperson, Zaw Min Tun, acknowledged the extensive damage, with analysts suggesting the actual toll could be much higher due to communication disruptions and unaccounted areas outside government control.

Typhoon Yagi's impact extends beyond Viet Nam and Myanmar, having first struck the Philippines and causing significant flooding in northern Thailand's Chiang Mai and Chiang Rai regions. The widespread destruction has prompted Myanmar's military government to make an unusual appeal for international assistance.

AJP

Viet Nam's GDP growth forecast slashed by 0.15 percent following Typhoon Yagi's $2 billion damage

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