The IMF warns that climate change will hit the regional convergence of Spain

The Spanish economy will be one of the most affected by global warming. This is stated in the latest report of the International Monetary Fund (IMF) in this regard, which states that the increase in temperature hits more strongly economic sectors such as agriculture or industry, which predominate more in regions of lower income compared to services, more frequent in richer communities. Therefore, the institution warns that this phenomenon will have a stronger impact on three countries: Spain, the United States and Italy until 2100.

Productivity in the most exposed regions and states “could fall between 2 and 3% in Italy, the US and Spain until the year 2100”, while in countries such as Sweden, Canada, the United Kingdom or Germany the adverse impact would be less than 1%.

If from the coldest to the hottest region in a country there is a temperature difference of about 5.5 degrees, the probability of a productivity gap increases by 11%, according to IMF technicians. Global warming therefore compromises the economic convergence of the regions.

More heat, less work

The institution draws two scenarios: in the most negative -in which the emission of greenhouse gases continues to increase until 2100-, the US. is the most exposed country with a drop in the productivity of the most exposed communities of more than 2.5%. In the least pessimistic scenario – which contemplates that from 2050, emissions will begin to reduce – the most exposed is Spain, with a performance reduction of 1.5% in these regions.

Source: ABC