IMF: Climate catastrophes pose a threat to growth

Washington (Archyde.com)
The frequency and intensity of climate-related disasters in the Middle East and Central Asia are increasing faster than anywhere else in the world, said Kristalina Georgieva, managing director of the International Monetary Fund, which poses a “significant risk” to growth and prosperity. The region infected and displaced an average of seven million people annually, causing more than 2,600 deaths and $2 billion in material damage.
Georgieva said in remarks prepared for the World Government Summit in Dubai: «Drought in North Africa, Somalia and Iran. Epidemics and locust outbreaks in the Horn of Africa. Severe floods in the Caucasus and Central Asia. The list of disasters is growing rapidly.”
An analysis of data covering the past century showed that temperatures in the region rose 1.5 degrees Celsius, twice the global increase of 0.7 degrees Celsius, and already scant rainfall became more variable than any other region, according to the International Monetary Fund report.
It added that this phenomenon caused a permanent loss in the level of GDP by 5.5 percentage points in the Caucasus and sub-regions of Central Asia.
Georgieva called on all countries to adapt their economies to climate challenges. She commended the UAE for its pledge to invest more than $160 billion in renewable energy to reach carbon neutrality and zero emissions by 2050.