Typhoon Yagi, the strongest storm to hit Asia this year, cost Vietnam about $1.6 billion in damages and is expected to slow the economy, preliminary estimates from Vietnam’s investment ministry showed.
Vietnam’s economic growth in 2024 may slow by 0.15% compared to previous forecasts due to the effects of the typhoon, a report issued by the ministry said.
The ministry had previously forecast growth of 6.8% to 7% this year.
Data from Vietnam’s disaster agency confirmed that the typhoon, which hit land on September 7, had killed at least 292 people, with 38 others missing as of this morning.
Floods also inundated 190,000 hectares of rice fields, 48,000 hectares of profitable crops such as corn, and damaged about 232,000 homes in northern Vietnam.
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