It’s estimated that heatwaves result in a 1% loss of global economic activity, a GDP hit that’s forecast to grow to 3.2% by 2050, according to newly revised projections from Chris Lafakis, director at Moody’s Analytics.

“There’s a chronic physical risk,” he said. “These are things that occur over a longer period of time, they ac ulate and become more costly and disruptive as time progresses and the temperature steadily increases.”

An economic letter published last month by researchers at the Federal Reserve Bank of San Francisco and Williams College in Massachusetts estimated that by 2200, extreme heat will reduce the US capital stock, or the value of ac ulated investment, by 5.4% and annual consumption by 1.8%, primarily attributable to labor productivity losses in construction (and, subsequently, fewer buildings being built).[
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