Latest World News: Businesses in the United States are under “severe stress” because of the heat wave: Re
Rising temperatures and heat wave are considered a major calamity across the world. A recent CNN report highlights how the record-breaking heat wave is proving to be a nightmare for Americans and causing huge losses for businesses nationwide.
CNN pointed to studies that predict extreme heat could result in lost productivity to the tune of $100 billion a year in the United States.
Recent heat waves and scorching summer temperatures demonstrate the economic cost of heat stress, wrote Chris Lafakis, director of economic research at Moodys Analytics, in an email response to a CNN query.
Heat waves can lead to mortality and disrupt business continuity. Heat waves can also stress regional power grids, increasing the cost and availability of space cooling, Chris added.
According to Moodys Analytics, “chronic physical risk from heat stress could reduce global GDP by up to 17.6% by 2100”.
Kathy Baughman McLeod, director of the Adrienne Arsht-Rockefeller Foundation’s Center for Resilience at the Atlantic Council, which released a report in 2021 analyzing the $100 billion in potential productivity losses, highlighted how extreme heat affects work.
The way the heat hits us, our thinking is slowed down, our concentration is really hard, our hand-eye coordination is bad, we’re tired, we make mistakes, Kathy said.
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Kathy said losses are highest in sectors such as agriculture and construction, but all businesses are affected. She pointed out that an employee who works in an air-conditioned environment does not necessarily benefit from the same facility at home, which can lead to sleep disruptions, causing exhaustion and poor job performance the next day.
The heat is accelerating so quickly that our perception of risk is not keeping pace. And it also means that as an employer, our perceptions of the risks of our workers don’t keep up either, she said.
Joshua Graff Zivin, an economist and professor at the University of California, San Diego, spoke about the impact of the ongoing heat wave on the US economy.
You think about the kind of heat you’re seeing now, and there’s not enough time to start doing this work, Graff Zivin said.
This leads to fewer hours worked and ultimately less output, he said.
This may be the first time in modern US history that we could see a slight decline in quarterly or even annual GDP. It’s not crazy to imagine that this quarter’s GDP will be a bit different, said Graff Zivin.
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An Overview of Global Events in 2023
In 2023, the world witnessed a myriad of events that left a lasting impact on global affairs. From political developments and economic shifts to environmental challenges and breakthroughs in science and technology, the year was marked by significant changes and a sense of urgency for collective action. Here’s an overview of some of the latest world news in 2023.
Political Unrest and Diplomatic Strides:
In the political arena, several regions experienced unrest and geopolitical tensions. The ongoing conflict in the Middle East continued to dominate headlines, with efforts towards peace and stability remaining elusive. However, there were also moments of diplomatic breakthroughs as nations engaged in dialogues to ease tensions and work towards lasting solutions.
The global economy faced both challenges and opportunities. Trade disputes between major powers affected markets, while some countries grappled with debt crises. On the other hand, emerging economies showed resilience and promising growth, fueling optimism for a more balanced global economic landscape.
Innovation surged forward in the tech industry, with breakthroughs in artificial intelligence, renewable energy, and space exploration. Quantum computing achieved milestones, promising radical transformations across industries. Renewable energy sources gained traction, with many countries setting ambitious goals to combat climate change.
Climate Crisis and Environmental Resilience:
As the climate crisis intensified, extreme weather events wreaked havoc in various parts of the world. Wildfires, hurricanes, and floods reminded humanity of the urgent need for climate action. In response, governments and communities across the globe doubled down on efforts to reduce carbon emissions, invest in sustainable infrastructure, and protect biodiversity.
Health and Pandemic Management:
Health remained a global priority as countries continued to combat the COVID-19 pandemic. With the emergence of new variants, vaccination efforts and public health measures remained crucial to curbing the spread of the virus. There were also significant advancements in medical research and technology, offering hope for better preparedness in handling future health crises.
Sports and Cultural Milestones:
Amidst the challenges, the world found moments of joy and unity through sports and culture. International sporting events brought together athletes from diverse backgrounds, promoting solidarity and camaraderie. Cultural exchanges and celebrations showcased the richness of human diversity and fostered mutual understanding.
In conclusion, the year 2023 was a dynamic period filled with significant events that shaped the course of history. From political unrest to technological advancements and environmental challenges, the world witnessed the complexities of the global landscape. While obstacles remained, there were also encouraging developments and collaborative efforts towards a more sustainable, peaceful, and prosperous future for all nations. As we move forward, the lessons learned from these events serve as a reminder of the importance of collective action and cooperation to address shared global challenges.