Authors of the study referred to in the article predict the average El Niño costs the global economy about $3.4 trillion.
However, Kamiar Mohaddes, Associate Professor in Economics & Policy at Cambridge Judge Business School, raises concerns about the study’s estimates: “It’s not the case that all countries suffer from an El Nino. In fact in some cases, it’s just the opposite.”
His 2017 study analysing 21 national economies, mostly developed, during previous El Niño events, found that El Niño had a positive impact on growth in the United States and Europe, but had adverse effects on Australia, Chile, Indonesia, India, Japan, New Zealand, and South Africa. (subs)
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