Abstract
Global warming is a phenomenon that causes the average surface temperature of the Earth to rise due to an increase in greenhouse gases. This rise in temperature has significant implications for the global economy, as it affects various sectors and regions differently. This paper reviews the literature on how global warming impacts the economy, focusing on four main aspects: gross domestic product (GDP), inflation, energy industry, agricultural, production output in different fields and tourism. The article also explores the cost-effectiveness of enacting strategies to alleviate and adjust to the financial consequences of global warming. The research finds that global warming could reduce GDP by up to 18% by 2050 if no action is taken, and that the costs of mitigation and adaptation are likely to be lower than the costs of inaction. The paper concludes that global warming is a systemic risk that requires urgent and coordinated action from governments, businesses, and individuals.
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