Securing water, sustaining growth
Water insecurity costs the global economy some US$ 500 billion annually, according to Global Water Partnership (GWP). That figure does not take into account environmental impacts so the total drag on the world economy could be 1% or more of global Gross Domestic Product (GDP). GWP released these figures based on the report Securing Water, Sustaining Growth, written by an international task force convened by GWP and the Organisation for Economic Co-operation and Development (OECD). The report looks at water’s destructive force as well as its contribution to human health and prosperity. Flood damage is estimated at US$120 billion per year from urban property damage alone, while major droughts were found to reduce per capita GDP growth by half a percentage point. Investing in water security would mitigate many of these losses and promote long-term sustainable growth.
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