The least developed and low to middle income countries have fared worst of all. From 2008 to 2018, natural disasters have cost the agricultural sectors of developing economies more than $108 billion in damaged crop and livestock production.
Over the same period, Asia was the most hard-hit region, with overall economic losses of $49 billion, followed by Africa at $30 billion, and Latin America and the Caribbean at $29 billion.
The U.S. is projected to lose 20 per cent of its per-capita gross domestic product by 2050 in a worst-case scenario, with nations closer to the equator or with high-carbon economies even more vulnerable, according to the FTSE Russell report.
Malaysia could see the worst economic hit at 31 per cent. The projections, based on trends of greenhouse-gas emissions and countries’ mitigation efforts, show the risk for investors of long-term bets on sovereign bonds.
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