“However, the impacts could be much worse, reaching 7.6% of GDP by 2030 and 13.6% by 2040,” the World Bank said.
Most importantly, the multilateral lender said the frequency and severity of typhoons are likely to increase, with higher damage costs. Without adaptation measures, climate change is also seen to increase poverty rate by nearly a percentage point as well as economic insecurity by 3.3 percentage points and inequality by 0.3 percentage points, according to the report.
Improving water storage to reduce the risk of damaging floods and droughts. This will also increase water availability
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