The global economy is now witnessing the adverse impacts of soaring temperatures and flooding. These two factors alone are projected to result in a staggering loss of $ 65 billion for the garment export sectors in four Asian nations by 2030. These countries include Bangladesh, Pakistan, Vietnam, and Cambodia. This insight stems from research conducted jointly by Schroders, a UK-based investment management company, and Cornell University in the United States. This information was reported by Reuters.
The research report was published on 13th September. The study deals with six international brands in the apparel industry, which operate in Bangladesh, Pakistan, Vietnam and Cambodia. It has been observed that the business of all the six institutions will be disrupted due to high temperature and floods in the coming days. The sourcing companies may lose as much as 5% of its annual revenue.