Typhoon Haiyan leaves death toll of approximately 4450 and counting

Typhoon Haiyan – known as one of the worst natural disasters ever to be witnessed by the world, has impacted an expected loss of $14 billion in the Philippines economy. The sugarcane industry, one of the main agricultural fields of the country, is experiencing the most damage and hardship from the gushing winds and floods. Islands such as Negros and Mindanao, who farm a large percent of the industry’s sugarcane, are more likely to yield less sugar as Haiyan continues to take over, destroying stocks at mills and refineries.

The loss of this critical commodity is detrimental not only to the Philippines government, but to the US as well, as they consume a large portion of the country’s sugar. With the potential losses the Philippines face, the possibilities of the US and other countries shifting to their competitors such as Thailand and Brazil, are a real threat to their economy and its recovery.

The devastating effects of typhoon Haiyan

Haiyan has hit the Philippines at its time of growth. Their economy was booming, and they were known for being Asia’s “rising stars”. Unfortunately over 50% of families and business are not insured. It is now up to the country’s government and people to begin rebuilding, and hopefully, rebuild a new and innovative economy.

Sources:

http://theweek.com/article/index/252659/can-the-philippines-growing-economy-weather-super-typhoon-haiyan

http://www.bbc.co.uk/news/world-asia-24901993

http://www.huffingtonpost.com/2013/11/07/super-typhoon-haiyan-philippines_n_4235250.html