The Philippine government said Friday that damage caused by Typhoon Haiyan may reduce economic growth this year to less than 7 percent. Socioeconomic Planning Secretary Arsenio Balisacan said the government forecasts growth of between 6.5 percent and 7 percent, down from its previous estimate of 7.3 percent. The economic aftermath of the typhoon, which killed more than 2,300 people in the eastern Philippines, may linger into next year due to reduced production capacity. Balisacan said fourth quarter growth will slow to 4.1 percent from 7.1 percent last year. The typhoon caused widespread damage to agriculture and infrastructure, with most buildings, homes and farms flattened in the worst hit areas. The economies of the worst hit provinces of Leyte, Samar and Eastern Samar largely rely on agriculture, fishing, manufacturing and construction, AP reported.
