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CBO’s Projection of the Effect of Climate Change on U.S. Economic Output: Working Paper 2020-06

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  • Evan Herrnstadt
  • Terry Dinan

Abstract

As part of its long-term economic forecast, the Congressional Budget Office projects the effect of climate change on the growth of U.S. real gross domestic product (GDP). CBO projects that climate change will, on net, reduce average annual real GDP growth by 0.03 percentage points from 2020 to 2050, relative to growth that would occur under the climatic conditions that prevailed at the end of the 20th century.That annual growth differential accumulates to a 1.0 percent reduction in the projected level of real GDP in 2050. Of that 1.0 percent reduction,

Suggested Citation

  • Evan Herrnstadt & Terry Dinan, 2020. "CBO’s Projection of the Effect of Climate Change on U.S. Economic Output: Working Paper 2020-06," Working Papers 56505, Congressional Budget Office.
    • Handle: RePEc:cbo:wpaper:56505
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    File URL: https://www.cbo.gov/system/files/2020-09/56505-Climate-Change.pdf
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    Cited by:

    1. Elizabeth Ash & William Carrington & Rebecca Heller & Grace Hwang, 2023. "Exploring the Effects of Medicaid During Childhood on the Economy and the Budget: Working Paper 2023-07," Working Papers 59231, Congressional Budget Office.
    2. Eleftherios Giovanis & Oznur Ozdamar, 2022. "The impact of climate change on budget balances and debt in the Middle East and North Africa (MENA) region," Climatic Change, Springer, vol. 172(3), pages 1-27, June.

    More about this item

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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