Water risks cause annual GDP cut

THE Philippines will suffer an average annual gross domestic product (GDP) loss of 0.7 percent due to water-related disasters such as droughts, floods and storms, according to new "Aquanomics" research from global professional services company GHD.

In its "Aquanomics: The economics of water risk and future resilience" report, which was issued to the press on Wednesday, GHD revealed that floods and tropical storms globally are predicted to amount to over 90 percent of direct losses (around $89 billion) between 2022 and 2050.