London CNN —Mounting climate risks, illustrated by the extreme heat, wildfires and floods that ravaged parts of Europe this summer, could hurt the region’s economy as soon as this year, the European Commission warned Monday.
In its latest economic forecast, the European Union’s executive arm downgraded its predictions for growth in the region in 2023 and 2024.
But it added that there was “formidable uncertainty” over its latest forecast, with extreme weather among the “downside” risks.
Construction and manufacturing are among other economic sectors vulnerable to extreme heat, said Owen at Saltmarsh Economics.
Similarly to the European Commission, on Sunday the International Monetary Fund pointed to “grave risks to economic well-being” from climate change.
Persons:
” David Owen, Kyle Holland, Owen, Kristalina Georgieva
Organizations:
London CNN, European, European Travel Commission, CNN, Saltmarsh, Bank of Italy, Sunday, International Monetary, Group
Locations:
Europe, Czech Republic, Bulgaria, Ireland, Denmark, Italy, Greece, Spain, India