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Global economy could shrink by a fifth

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Global economy could shrink by a fifth

“High income losses are forecast for most regions, including North America and Europe, with South Asia and Africa hardest hit,” wrote Maximilian Kotz, one of the study authors. “These losses are caused by a wide variety of economically relevant effects of climate change, such as consequences for agricultural yields, labor productivity or infrastructure.” Damage from storms or forest fires is not included, but could further increase the amount of damage.

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