Climate change may cut GDP by 7.5%

Economic damage from climate change could reduce the gross domestic product by as much as 7.5 percent by 2040, the World Bank said in a report on Wednesday.

During the Philippines Country Climate and Development Report Launch, WB’s regional director for East Asia and Pacific Benoît Bosquet warned that the temperatures in the Philippines would continue to rise and rainfall could become more intense due to climate change, putting at risk the country’s ability to meet its development goals.

He also mentioned that changes in the country’s rainfall variability, intensity, and rising temperatures would affect food security and public safety.

Agriculture affected

According to World Bank, rising temperatures in the country are expected to increase by another one to three degrees Celsius over the century.

Bosquet said the productivity of many crops would decline and rain-fed crops would be the most affected by climate change.

He noted a 5 percent reduction in the yields of rice and sugarcane and as much as 20 percent for maize across the country.

“Lower agricultural production will affect the well-being of the farmers, many of whom are poor. And because this will lead to higher food prices, it will affect the well-being of all Filipinos, especially the poor who spend a greater part of their income on food,” Bosquet said.

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