Today, the International Monetary Fund (IMF) announced that the Fund has cut its forecasts of the economic recovery in Japan after the massive earthquake that hit Japan on March 11, caused a nuclear crisis and disrupted power.

Moreover, the IMF noted that the economic growth will expand 1.4% during the year, down 0.2% from its pre-quake outlook, while the expectations still indicate the Japanese economy will shrink for the first and second quarter after contacting at annualized 1.3% in 4th quarter.

On the other hand, the Japanese government has estimated the cost could reach $309 billion, making it the most expensive natural disaster on record.