Economy Expected to Experience Short-Term Contraction Following Hurricane Ian – News Article #6
Economists believe that hurricane Ian will cause short-term problems in the economy. In the long-term, there is expected to be an uptick in the economy because of the rebuild process.
In this article at the Wall Street Journal, it says natural disasters tend to cause a short, sharp economic contraction, especially in affected areas. But that lost economic activity is slowly made up in following years after the rebuild process is completed.
This article is objective because it is strictly stating the previous trends of disasters. It is also sharing that economists believe the trend will hold following hurricane Ian. This is news to me because I am interested in business and economy. Also, the hurricane is human interest to a lot of people because there are humans who are hurt and suffering as a result of the hurricane. One of my clients for my personal window washing business has a second home in Fort Meyers, Florida, and they told us that the damage is bad and they lost a lot following the hurricane.
Tuesday, October 11th, 2022 @ 1:16 pm
Good comment, Ben. It makes sense that disasters that hit economically important areas — like Florida and California — would have this sort of impact. Not just because of what was lost, but because rebuilding will take resources from others.