Climate change will cripple economies regardless of wealth, economists say

(Reuters News, 20 Aug 2019) The United States could see a 10% loss in gross domestic product (GDP) without significant policy change, economists say in a new report.

Climate change will damage the economies of countries whether they are rich or poor, hot or cold by the year 2100, economists said in a new report, dispelling the notion that impoverished, warm countries will suffer the most on a warming planet.

Researchers who examined data from 174 countries over 50 years found that persistent temperature changes above or below a country's historical norm adversely affected economic growth, regardless of how warm a country is.

The United States could see a 10% loss in gross domestic product (GDP) without significant policy change.

"In the UK we had the hottest day (ever) recorded a few days ago and infrastructure came to a halt," Dr. Kamiar Mohaddes, a co-author and a professor of economics at Cambridge University told the Thomson Reuters Foundation on Tuesday.

"Trains aren't running, people aren't coping, and therefore productivity and economic growth falls."

Research has often focused on short-term devastation to poor, warm countries, but the report suggested that wealth and cooler temperatures are no protection from climate change's economic toll if major policy changes are not adopted.

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Reuters News, 20 Aug 2019: Climate change will cripple economies regardless of wealth, economists say