MIND THE GAP BETWEEN THE ECONOMIC EFFECTS OF CLIMATE CHANGE AND THE REALITY

Abstract

Climate change is becoming more severe by the day and poses a serious threat to our planet. Climate change issues have virtually called the global economic system into question. This is also a critical issue for China, India, Brazil, Russia, Indonesia, Mexico, and Turkey, all of whom are classified as E7 (developing) countries. Many nations' climate change estimates indicate that temperatures will rise as precipitation rises or declines. Technological advances are expected to play a significant role in minimizing and adapting to the harmful effects of climate change. The economic impact of climate change is assessed in this study utilizing panel data methods. Stata 15 was used for analysis. The goal of this study is to use panel data methodologies to evaluate the impact of climate change on the economic development of the E7 nations between 2004 and 2021. First, the analysis incorporates material on climate change and economic development. The economic consequences of climate change are listed below. The final section discusses climate change remedies that will be successful. Following that, the empirical analysis and results were included, and the study ended with a conclusion and evaluation. The investigation indicated that climate change has a detrimental impact on economic growth.