Weather changes will cut 3% of global economic growth over the next 30 years. Africa, South America, and the Middle East likely to hardest hit by Weather changes. According to the study released by the Economic Information Unit.
Economics and Weather
This is because the average temperatures in these areas are higher than the average and are smaller economies, making them more vulnerable to Weather changes.
The global economic growth depreciation over the next 30 years.
The new global financial crisis
The International Monetary Fund recently cut its estimate of global economic growth this year to 3%, the slowest pace since the global financial crisis.
The study suggests that:
The United States could see its growth rate shrink by more than 1% in the next three decades as a result of climatic change.
The National Bureau of Economic Research in August highlighted that:
The US per capita growth could shrink by 10.5% over the next 81 years amid rising global temperatures.
The Weather changes model calculates that by 2050
- The US economy will be 1.1% less than in the absence of Weather changes
World leaders are scheduled to meet in early December in Madrid, Spain, to participate in the United Nations Climate Change Conference against the backdrop of the 2015 Paris Climate Agreement.