Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economy

30 Mar 2022

IMF: Climate-related disasters pose Major Threat in Middle East and Asia

The Index Today

IMF Managing Director Kristalina Georgieva said, the frequency and severity of climate-related disasters are rising faster in the Middle East and Central Asia than anywhere in the world, posing a "major threat" to growth and prosperity.

The recent International Monetary Fund paper showed that climate disasters in the region injured and displaced 7 million people in an average year, causing more than 2,600 deaths and $2 billion in physical damage.

Georgieva said in remarks prepared for the World Government Summit in Dubai, "Droughts in North Africa, Somalia and Iran. Epidemics and locust infestations in the Horn of Africa. Severe floods in the Caucasus and Central Asia. The list of disasters is quickly getting longer,"

Included in the IMF report shows an analysis of data spanning the past century showed that temperatures in the region had risen by 1.5° C, twice the global increase of 0.7° C, and already sparse precipitation had become more erratic than in any other region.

Georgieva said extreme weather events typically cut annual economic growth by 1–2 percentage points per capita.

Given limited resources in the aftermath of the COVID-19 pandemic, countries would need a mix of domestic policy reforms, such as replacing fuel subsidies, and international support, including from the IMF, Georgieva added.

©Photo: undp.org

Clay pottery with table linens