The recent heat waves registered in the world could take away from the Gross Domestic Product (GDP) about 0.6 points in 2023, warns a “estimate” of the insurer Allianz Trade, which indicates that China it could lose even 1.3 growth points.
The European Copernicus Observatory confirmed on Tuesday that July 2023 was the hottest month ever recorded on Earth, with 0.33C hotter than the previous record set in July 2019.
The month was marked by heat waves and fires all over the planet.
“These last months, USAEurope, China and other Asian countries faced record temperature increases (…) The climate change it will increase the frequency and intensity of episodes of extreme heat, and it will create a ‘new normal’ made up of heat waves, drought and fires”Allianz Trade warned.
“Events like these not only have an impact on people and wildlife, but also on economies”stressed in a study published this week.
The credit insurer added that “Heat-affected employees reduce their work hours, slow down their tasks and make mistakes. Reduced productivity at work due to extreme temperatures is a well-known phenomenon.”
In its study, Allianz Trade uses various data and analysis available and “esteem” that these heat waves “they could have cost 0.6 points of GDP in 2023″.
According to these calculations, China could see its GDP cut by 1.3 points, Spain by 1 point, Greece by 0.9 points, Italy by 0.5 points, the United States by 0.3 points and France by 0.1 points.
Source: AFP
Source: Gestion
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