Australia has faced the most significant economic impact of climate change compared to any other country. It is the driest continent on the planet, even more arid than Africa. Usually, the annual drought in the country is followed by bushfires. This year, wildfires were certainly the worst ever recorded in the history of the continent. Australia is a place where even a minor climate change can cause serious economic and financial problems. According to Philip Lowe, the Governor of the Reserve Bank of Australia, the consequences of climate change for the economy are profound. The world is getting hotter and the climate is getting more variable. Australia can see the destructive effect of that perhaps more than any other country in the world. “Climate change is affecting the nature of production in Australia, the nature of investment, ultimately the nature of our exports, at the moment I think it’s affecting confidence in people and therefore ultimately spending,” Lowe said. In the final three months of 2019, drought cut Australia’s GDP growth by a quarter percentage point, while the bushfires would cost the economy another 0.2 percentage points. However, Australia is not the only country that is suffering from natural disasters. According to Aon insurance company, the damage done by the natural forces across the globe amounts to 2.98 trillion dollars, which is approximately 1.19 trillion dollars more than in the previous decade.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
-
Grand Choice
Contest by
InstaForexInstaForex always strives to help you
fulfill your biggest dreams.JOIN CONTEST -
Chancy DepositDeposit your account with $3,000 and get $8000 more!
In March we raffle $8000 within the Chancy Deposit campaign!
Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.JOIN CONTEST -
Trade Wise, Win DeviceTop up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.JOIN CONTEST