1、Understanding the Macroeconomic Effects of Natural DisastersHa Minh Nguyen,Alan Feng and Mercedes Garcia-Escribano WP/WP/25/46 IMF Working Papers describe research in progress by the author(s)and are published to elicit comments and to encourage debate.The views expressed in IMF Working Papers are t

2、hose of the author(s)and do not necessarily represent the views of the IMF,its Executive Board,or IMF management.2025 FEB*The authors would like to thank Karim Barhoumi,Andrew Berg,Simone Cuiabano,Chen Chen,Kerstin Gerling,Luciana Juvenal,Sujan Lamichhane,Jeong Dae Lee,Choonsung Lim,Mohammad Khabbaz

3、an,Leonardo Martinez,Emanuele Massetti,MatthewQuillinan,Nooman Rebei,Hugo Rojas-Romagosa,Anna Ter-Martirosyan,Tolga Tiryaki,and Tjeerd Tim and colleagues from BankAl-Maghrib and National Bank of Belgium for very helpful comments and feedback.2025 International Monetary Fund WP/25/46IMF Working Paper

4、 Institute for Capacity Development Understanding the Macroeconomic Effects of Natural Disasters Prepared by Ha Minh Nguyen,Alan Feng and Mercedes Garcia-Escribano*Authorized for distribution by Mercedes Garcia-Escribano February 2025 IMF Working Papers describe research in progress by the author(s)

5、and are published to elicit comments and to encourage debate.The views expressed in IMF Working Papers are those of the author(s)and do not necessarily represent the views of the IMF,its Executive Board,or IMF management.ABSTRACT:Climate change is causing more frequent and devastating natural disast

6、ers.The goal of this paper is two-fold.First,it examines the dynamic effects of natural disasters on the growth of output and its components.Government expenditure in advanced economies(AEs)rises immediately in the same year of the natural disaster,offsetting the decline in private investment growth