How Global Warming Affects Global Economy

As the temperature is rising globally, there are many concerns about its negative effect on the global economy. Global warming is caused by both natural factors and release of greenhouse gas, pollution and many more human activities that are harmful for the earth.

Global warming means that the overall temperature of earth is going up. It started from the pre-industrial era meaning from the early 1800s and is continuing to the very moment.

Global warming can have a negative influence on the global industry if it persists to increase like the past decades. Warmer temperatures, rising sea levels and extreme weather events can damage properties, infrastructures and sectors like agriculture, forestry, fisheries and tourism. The U.S. alone could face annual costs of $520 billion (if global temperatures rise by 4.5°C) or $224 billion less (at 2.8°C) due to climate change.

Global warming can cause disruptions worldwide. It can affect trades, supply chains and overall businesses and industries around the world and cause huge losses for the private and public organizations and governments. Agriculture is one of the most vulnerable sectors against global warming. It can be easily influenced and receive devastating damages caused by global warming and climate change such as droughts, floods, thunderstorms and other unseasonal events. Global warming can damage and harm many lives in several countries such as many African countries that rely on agriculture for the most part of their GDP.

By M. Nargis

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