Typhoon to pull down economy in Q4: official

MANILA, Philippines (Xinhua) - Due to the influence of super typhoon Haiyan, or Yolanda, economy in the fourth quarter could slow down to 4.1 percent, a government agency said today.

Even worse, the negative impact of the typhoon may linger in 2014 due to reduced prduction capacity, the Philippine National Economic and Development Authority (NEDA) said in a statement issued Friday.

"The full year GDP growth for 2013 could be reduced by 0.3 to 0. 8 percentage point, lowering growth estimates to 6.5 percent to 7 percent," NEDA said.

The Philippine economy was expected to grow by 7.3 percent for 2013 prior to the onset of calamities.  

NEDA is spearheading the development of a recovery and reconstruction plan to restore normalcy in regions hit by Typhoon Haiyan and help get the affected local economies back on their feet, NEDA said.

The Economic Development Cluster of the Cabinet formed an interagency task force to craft the plan, focusing on immediate and near-term actions needed to rebuild facilities, restore social services and revive economic activities.

Socioeconomic Planning Secretary Arsenio Balisacan said"It is important to quickly assess the damage and losses and to determine the right sequence of government actions."

The plan aims to assist in the social and psychological recovery of individuals and communities affected, he said.

Typhoon Haiyan, believed the most powerful of its kind in the country's history, has claimed 2,360 people, according to government sources. But local media quoted the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA) as saying that the casualties have risen to 4,460.