The impact of natural calamities on GDP
Date
2003-03
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Abstract
The waters rose fifteen cubits higher, submerging the mountains. And so all things of flesh perished that moved on the earth, birds, cattle, wild beasts, everything that swarms on the earth, and every man. Everything with the breath of life in its nostrils died, everything on dry kind. Yahweh destroyed every living thing of the face of the earth, man and animals, reptiles and the birds of heaven" (Genesis 7:20-23).
This comprehensive paper aimed to answer whether or not natural calamities have an impact on GOP. To address this issue, the researchers employed the regression analysis method in order to prove the relationship· between the damage brought about by natural calamities to the country's GOP. Upon conducting the analysis, it was discovered that the Agricultural sector is the most negatively affected in the event of any natural calamity. Furthermore, another issue surfaced: given the adverse effects of such occurrences on the Agricultural sector, how does the Philippine government respond to such concerns? The researchers conducted a cost-benefit analysis of a past damage mitigation project and discovered that such project yields a positive net present value. This means that if the government should adopt a pro-active stance (when it comes to dealing with calamities) it will prove to be more beneficial. It is incomprehensible why the government is not investing that much in damage mitigation projects, but instead appropriates the budget in the allocation of calamity funds.
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Natural Calamities, Calamities, GDP, Gross domestic product