Tsunami likely to affect economic recovery in short term

The earthquake and tsunami that ravaged Japan Friday will likely have a short-term effect on the global economy, shutting down Japanese factories, ports and oil refineries, but it won't derail the economic recovery, observers say.

The 8.9-magnitude quake in Japan, the world's third-largest oil consuming country, forced the closure of all of the country's ports and five of its large steel mills. Car companies such as Nissan said they were closing factories until Sunday and airlines canceled flights to the country.

Source: http://articles.latimes.com