Heatwaves, El Niño and the impact on EMs

The direct economic effects of recent heatwaves across many northern hemisphere EMs are likely to prove limited. But taken together with El Niño, which is set to strengthen in the coming months, and climate change making hotter and more extreme weather more common, the risks to EMs from climate conditions are becoming larger. The most vulnerable EMs are those where agriculture plays a key role in the economy (India, much of Africa) and those where power generation could be affected (e.g. Colombia).