Synopsis
The World Bank warns Zimbabwe of potential economic losses due to climate change, predicting a 12% reduction in GDP annually without robust adaptation measures. The agriculture sector, vital for employment and GDP, is particularly at risk, necessitating urgent investments for resilience.Key Takeaways
- Climate change could reduce Zimbabwe's GDP by 12% annually.
- Agriculture is critical, contributing 11-14% of GDP.
- El Nino drought caused a 60% drop in maize yield.
- Urgent investment in climate resilience is essential.
- Government's $12.5 billion agricultural goal is threatened.
Harare, Feb 1 (NationPress) The World Bank (WB) has cautioned that climate change could diminish up to 12 percent of Zimbabwe's gross domestic product (GDP) each year if the nation fails to adopt effective strategies to combat this issue.
In its recent economic update report released on Friday in Harare, the capital of Zimbabwe, the WB urged the government to enhance resilience against climate-induced shocks, emphasizing agriculture as a vital sector of the economy.
Data from the Zimbabwean government indicates that agriculture accounts for between 11 percent and 14 percent of GDP, providing jobs for about 70 percent of the populace and supplying roughly 60 percent of all raw materials needed for industry.
Nonetheless, the country's heavy dependence on rainfed crops and maize production makes it susceptible to increasingly severe climate events, as noted by the WB.
During the 2023/2024 agricultural season, Zimbabwe faced a harsh drought caused by El Nino, leading to a 60 percent drop in maize yields compared to the five-year average. This drastic decline in rainfall, coupled with extreme temperatures, has triggered widespread food insecurity and economic distress.
The WB pointed out that the government’s ambitious goal to increase agricultural output to $12.5 billion by 2025 is jeopardized by climate-related challenges.
“Climate shocks disrupt GDP, trade balances, and fiscal stability. The 2023/2024 El Nino drought alone inflicted about $363 million in damages,” stated the WB.
“This recurring cycle of drought and recovery undermines sustainable development and worsens poverty levels, making it crucial to improve the resilience of the agricultural sector,” said Easther Chigumira, a senior agriculture specialist at the World Bank and co-author of the report.
To fortify Zimbabwe's resilience against weather shocks and climate change, a dual strategy is vital, which includes significant investments in climate adaptation as well as the enhancement of anticipatory measures, reported the Xinhua news agency.
The report, titled “Improving Resilience to Weather Shocks and Climate Change,” underscored the chance for Zimbabwe to bolster its resilience to climate shocks and further stimulate economic growth.
