Navigating the Storm: Economic Implications of Climate Change on the Horizon As climate change continues to rear its formidable head, the economic forecast grows increasingly stormy, particularly for the United States and the Philippines. A recent study by the Swiss Re Institute casts a spotlight on the economic toll exacted by weather-related perils, underscoring the pressing need for robust adaptation strategies to mitigate impending financial upheavals. Currently, the global economy bleeds USD 200 billion yearly due to floods, tropical cyclones, winter storms in Europe, and severe thunderstorms. The United States, bearing the brunt in absolute terms, loses USD 97 billion annually, nearly 0.4% of its GDP. The Philippines, albeit with a smaller GDP, faces a proportionally more significant impact, losing 3% of its GDP (USD 12 billion) to these weather calamities. These figures not only highlight the immediate financial drain but also signal potential future intensification due to clima...
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