Global Assessment Report on Disaster Risk Reduction 2015
Making development sustainable: The future of disaster risk management

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(Source: Baritto, 2014 with data from EM-DAT and the World Bank.)
Figure 5.5 National economic growth with and without disaster loss impact
losses from a large number of events without significant effects on economic growth in the years following the event.
As the HFA draws to a close, there is also more evidence that disaster loss negatively affects
longer-term growth prospects in countries with limited liquidity and assets (Hochrainer, 2009

Hochrainer, Stefan. 2009,Assessing the Macroeconomic Impacts of Natural Disasters: Are there any? Policy Research Working Paper 4968, The World Bank, Washington, D.C.. .
; Noy, 2009

Noy, Ilan. 2009,The macroeconomic consequences of disasters, Journal of Development Economics 88 (2009): 221-231.. .
) despite potential short-term increases in GDP due to reconstruction efforts and through large cash injections into the local economy (Kim, 2010

Kim, Chul Kyu. 2010,The Effects of Natural Disasters on Long-Run Economic Growth, University of Michigan.. .
; Cavallo et al., 2009

Cavallo, Eduardo., Galiani, Sebastian., Noy, Ilan and Pantano, Juan. 2009,Natural Disasters and Economic Growth, November 10, 2009.. .
; Albala-Bertrand, 1993

Albala-Bertrand, José Miguel. 1993,Political Economy of Large Natural Disasters With Special Reference to Developing Countries, Oxford: Clarendon Press.. .
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