The global economy is expected to shrink by 20% due to global warming by 2050, according to a report by the Potsdam Institute for Climate Impact Research published in the journal Nature. Scientists claim that this will happen even if emissions of harmful gases are reduced in the future. The estimated annual damage will amount to $38 trillion.
Projected income losses vary significantly by region, with the poorest and least responsible for climate change suffering the greatest damage. For example, the economies of Germany and the United States will decrease by 11% by the middle of this century.
Scientists also pointed out high income losses in North America and Europe, but South Asia and Africa will suffer more than others. Such losses will be caused by various economic consequences of climate change. The damage from natural disasters was not taken into account in the calculations but could further increase the total losses.
To analyze this, specialists used data on the impact of extreme weather conditions on economic growth obtained over the past 40 years.
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