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Mr. Sebastian Acevedo Mejia

( Table 3 ), and the top 20 storms account for 88 percent of all damages. However, the large weight that the worst storms have in overall damages in the Caribbean is at least partly explained by the large portion of lower intensity storms with missing information on damages, which help to overstate the contribution of larger storms. Table 3. Largest Tropical Cyclones by Damages 1950-2014 (2010 constant US$ millions) Tropical Cyclones Year Damages Affected Islands Damages / GDP (%) Wind Max. SS Distance Georges 1998 10

Mr. Sebastian Acevedo Mejia
This paper studies the economic costs of hurricanes in the Caribbean by constructing a novel dataset that combines a detailed record of tropical cyclones’ characteristics with reported damages. I estimate the relation between hurricane wind speeds and damages in the Caribbean; finding that the elasticity of damages to GDP ratio with respect to maximum wind speeds is three in the case of landfalls. The data show that hurricane damages are considerably underreported, particularly in the 1950s and 1960s, with average damages potentially being three times as large as the reported average of 1.6 percent of GDP per year. I document and show that hurricanes that do not make landfall also have considerable negative impacts on the Caribbean economies. Finally, I estimate that the average annual hurricane damages in the Caribbean will increase between 22 and 77 percent by the year 2100, in a global warming scenario of high CO2 concentrations and high global temperatures.
Eric M. Pondi Endengle, Seung Mo Choi, and Ms. Pritha Mitra

.057) Frequency flood -2.107 (1.867) -0.084 (0.080) Intensity epidemic -0.424 (0.637) -1.029 (0.808) Frequency epidemic 0.114 (0.205) 0.012 (0.271) Intensity storm -0.835 (0.692) -1.912 (1.352) Frequency storm 0.249 (0.189) -2.329 (6.550) Education 0.112* (0.066) -0.010 (0.028) -0.057 (0.036) -0.003 (0.033) -0.004 (0.069) -0.153*** (0.056) -0.169** (0.075) -0.132** (0.066) Investment 0.072* (0.037) 0.129*** (0.040) 0.065** (0.033) 0

Eric M. Pondi Endengle, Seung Mo Choi, and Ms. Pritha Mitra
This paper assesses the impact of climate-related disasters on medium-term growth and analyzes key structural areas that could substantially improve disaster-resilience. Results show that (i) climaterelated disasters have a significant negative impact on medium-term growth, especially for sub-Saharan Africa; and (ii) a disaster’s intensity matters much more than its frequency, given the non-linear cumulative effects of disasters. In sub-Saharan Africa, electrification (facilitating irrigation) is found to be most effective for reducing damage from droughts while improved health care and education outcomes are critical for raising resilience to floods and storms. Better access to finance, telecommunications, and use of machines in agriculture also have a significant impact.
International Monetary Fund. Asia and Pacific Dept

, conducted a Climate Vulnerability Assessment (CVA) in late 2017. It estimated investment needs of about 100 percent of GDP in over the next 10 years (about 10 percent of GDP per year) to strengthen Fiji’s resilience to climate change and natural hazards for decades to come. Fiji is exposed to large natural risks, and climate change is likely to amplify these risks. The future of tropical cyclones is very uncertain, but most models suggest an increase in the proportion of high-intensity storms and higher economic losses. In addition to natural disasters, climate change

International Monetary Fund. Asia and Pacific Dept
This Article IV Consultation highlights that the economy is recovering well from several natural disasters, supported by accommodative fiscal and monetary policies. Growth performance picked up in recent years with improved political stability, though average growth rates were still lower than in other emerging and developing countries. Fiscal buffers have been used and external conditions, including oil prices and growth prospects of main trading partners, are becoming less favorable. Improving the overall business environment and governance is expected to raise potential growth by mobilizing private investment, enhancing productivity, and diversifying the economy. An improvement in the overall business environment is essential to achieve the ambitious growth targets laid out in the National Development Plan. Streamlining procedures to do business, accelerating the activation of the credit reporting agency, and reducing tax compliance costs has been recommended.