Allianz expects economic slowdown in Europe due to heat in 2025

Analysts suggest that the most significant impacts will occur in Southern Europe: Spain may experience a GDP growth reduction of 1.4 percentage points because of heat, while Italy and Greece could see a decline of 1 percentage point. In France, the decline will be roughly 0.3 percentage points, while in Germany, it will be approximately 0.1 percentage points.

Analysts indicate that each workday at temperatures exceeding 32 degrees Celsius is comparable to losing a half day of productivity because of strikes.

The International Labor Organization states that by 2030, global working hours will decline by 2.2% as a result of rising temperatures.

source: reuters.com