Where Will Climate Change Hit The Economy The Hardest?
©Pexels / Markus Spiske
Without a reduction in emissions, rising global temperatures will significantly alter the world economy. Heat stress will impact labor and agricultural productivity, tourism patterns will change, and reduced demand for heating will affect the price of oil and the value of the industries that produce it.
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While cooler, diversified service-oriented economies like Luxembourg or Sweden may benefit from altered tourism channels, oil- and agriculture-based countries vulnerable to heat stress and natural disaster stand to suffer the most. In a recent analysis, Moody’s Analytics quantified the impacts a warming climate will have on 55 major world economies. By modeling factors like energy demand, agricultural productivity, and human health effects in a high-emissions scenario, Moody’s forecast the degree to which a warming world may boost or detract from GDP growth in different countries. A look at the countries where high emissions will have the greatest negative effect on GDP reveals a mix of oil producers, agricultural hubs, and small island nations where climate change will do the most economic damage.
https://www.msn.com/en-us/weather/topstories/where-will-climate-change-hit-the-economy-the-hardest/ss-AA1svssa?ocid=msedgntp&pc=HCTS&cvid=dcfdde1b7538497d9ed1e5d52f52b763&ei=121
