The collapse of Lehman Brothers was for Japan to devastating earthquakes

The destruction caused by an earthquake on March 11 in Japan are not comparable with the damage from the bankruptcy of Lehman Brothers. Reported by the Organization for Economic Cooperation and Development (OECD) in its report of April 21. Damage to Japan by an earthquake, estimated to date amounts to 302 billion dollars. The disaster caused a decline in production in Japan at 2.5 percent. OECD suggests that Japan's GDP growth in 2011 will amount to only 0.8 per cent, but in 2012 will increase to 2.3 per cent due to government support. AFP notes that the OECD revised its estimate for 2012 by 1 percentage point to 1.3 percent. The earthquake occurred in the recovery period the Japanese economy after the financial crisis of 2008. High government spending to rebuild the affected areas of the country, destruction of infrastructure, the danger of nuclear contamination, power failure and failure of production in the automotive industry have a negative impact on the economy. Nevertheless, the report says the OECD, the decline in production at 2.5 per cent can not be compared with the 20 percent drop in the collapse of the bank Lehman Brothers. The financial crisis has caused a decline in GDP at 1.2 percent in 2008 and 6,3 percent in 2009. During these years domestic consumption has decreased respectively by 1,4 and 4,8 per cent. Lehman Brothers declared itself bankrupt on Sept. 15, 2008. At that time the bank was the fourth-largest investment bank U.S. and manages assets of more than $ 600 billion. The fall of Lehman Brothers was the beginning of the global crisis, comparable to the Great Depression of 1930.