IFAD Report Warns Severe El Niño Could Cost Global Economy $11 Trillion
What happened
The International Fund for Agricultural Development and Turkey's Ministry of Agriculture and Forestry released a joint report titled *Food Systems Under Stress: Building Resilience from the First Mile*. The report warns that a severe El Niño event could result in losses of up to US$11 trillion across national economies over the next five to six years.
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Why it matters
The report examines how climate events, along with increases in energy and fertilizer prices, affect small-scale food producers and rural economies. These interconnected crises can drive up production, processing, transport, and distribution costs, placing additional pressure on small-scale agricultural producers who provide a third of the world's food production.
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Who's involved
- International Fund for Agricultural DevelopmentCo-released the report with Turkey's Ministry of Agriculture and Forestry
- TurkeyCo-released the report with the International Fund for Agricultural Development
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- TurkeySpeculative
Small-scale agricultural producers might face increased production, processing, transport, and distribution costs due to interconnected climate and economic shocks.
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The entities involved
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Turkey
country in West Asia and Southeast Europe
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International Fund for Agricultural Development
specialized agency of the United Nations
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