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MORRISVILLE — The economic losses from the recent earthquake in Haiti could be as high as $12 billion, according to IEM, an international provider of risk management services based in Baton Rouge, La.
These loses will exceed Haiti’s 2009 GDP of approximately $7 billion, according to Lloyd Blanchard, an economist for IEM.
“The costs are extraordinary,” he said. “It’s clear that the country won’t be able to afford its own rebuilding.”
However, Haiti’s GDP will not be completely wiped out by the disaster. According to Blanchard, there is much less damage in the north of the country, which means that people will likely be able to go to work there.
Blanchard added that it was feasible for the international community to provide the estimated $12 billion needed for Haiti to rebuild.
“The bigger the disaster, the bigger the opportunity,” he explained. “What they will rebuild will be better and more expensive than what was there before, but it’s going to be a long, long recovery time.”
IEM announced in December it will be moving its headquarters to Durham’s Research Triangle Park, bringing with them more than 300 employees from their current headquarters, as well as the opportunity for hiring more than 400 new employees over the next six years.
