Extreme Rainfall will Hamper the Global Economy
A study found that extreme rainfall will significantly impact the global economy, making it harder to trade. It will also cause a slowdown in the economy. Researchers at the University of Exeter studied the impact of extreme rainfall on economic growth. They say that it could outweigh the benefit of increased sunshine in some areas. They say that economists have overlooked the effects of climate change on the global economy.
The research draws on data relating to the causes and consequences of rainfall in more than 4,000 locations across the world. The research found that wet days have increased by more than 20% since the 1960s. The number of “extreme” rainfall events increases by around 50% in the UK.
The head of the complexity science research department at the Potsdam Institute for Climate Impact Research, Anders Levermann, spoke about the issue. After a recent study published in the journal Nature, she commented that economic growth decreases when wet days and extreme rainfall increase.
Study of the rainfall in a global perspective
PIK scientists looked at over 1,500 regions between 1978 and 2018. Last month, PIK said that increased daily rainfall driven by climate change from burning oil and coal would damage the global economy. She said that economies worldwide are slowed down by extreme daily rainfall and more wet days. An important insight adds to the growing understanding of the actual costs of climate change.
The good news is that rain is often a seasonal phenomenon, with frequent showers in the wet months and more extended dry periods in the warm months. However, in some parts of the world, such as Australia, too much rain can cause flooding and damage crops. The challenge for farmers is to make the most of the limited amount of rainfall that does fall. One way of doing this is to introduce irrigation systems, transforming arid regions into viable agricultural areas.
Australia has seen its share of dry years in recent years, with some regions experiencing little or no rainfall at all. But many areas have also seen an increase in the rain for the year. Climate change continues to cause longer and more intense wet seasons.
BONUS VIDEO: Weekly news summary from the markets
The post Extreme Rainfall will Hamper the Global Economy appeared first on forexinsider24.com.