August 31, 2017 / 4:35 PM / in 10 months

Dallas Fed's Kaplan sees return to normal levels of GDP after Harvey

(Reuters) - Economic growth will likely take a hit after the flooding and damage wreaked on the Houston area by Tropical Storm Harvey, but growth will eventually return to typical levels, Dallas Federal Reserve Bank President Robert Kaplan predicted on Thursday.

Dallas Federal Reserve Bank President Robert Kaplan gestures during a news conference after of the True Economic Talks event in Mexico City, Mexico, July 14, 2017. REUTERS/Edgard Garrido

Speaking at the North American Strategy for Competitiveness Organization — Dallas County Community College District, Kaplan said the bank has yet to conduct a detailed analysis of the economic impact of the storm, which has killed more than a dozen people, displaced tens of thousands, and damaged housing, stores, and roads.

But judging from other disasters, he said, a period of “short-term” weakness is generally followed by a period of rebuilding, and in the end the economy returns to its normal trend of growth.

Writing by Ann Saphir; Editing by Chizu Nomiyama

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