HomeEconomyRains cost north S$13bn...

Rains cost north S$13bn and they warn there is more to lose

The Ministry of Manufacturing already indicates that the rains are causing losses in the manufacturing sector in the amount of SGD 20 million. | Fountain: Andean

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Floods and landslides caused by intense rains have affected various economic activities, especially in the north of the country, but how many losses?

An analysis by Credicorp Capital Asset Management shows that economic losses they will average SGD 13 billion, mainly due to the impact on regions such as Piura, Lambayeke and Tumbes.

This impact is mainly due to the impact of these rains on agriculture, trade and the service sector.

“From the supply, the northern region has an impact or loss in agricultural production, mainly related to agricultural export. There is also relevance in the tourism sector and other sectors related to these industries such as trade and services. Tourism is linked to trade and, much like agribusiness, makes up about 10% or 15% of regional GDP,” Dario Valdizan, director of Buy Side Research at Credicorp Capital Asset Management, told the Gestión newspaper.

As they point out, during floods, the level of leisure consumption is significantly reduced.

And the estimated losses could be higher unless mitigation conditions are put in place. rainy and their big escalation. If there is no adequate response from the government, we may see an amount that reaches what was observed in 2017.

“Swift government action can limit the impact on deteriorating logistics and infrastructure and help make the economic recovery more dynamic,” he added.

It should be mentioned that The El Niño Costero phenomenon It generated an economic impact of SGD 20 billion in 2017 and the aforementioned northern regions contribute about 7% of GDP.

Source: RPP

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