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IMF says El Nino impacts on global economy are manifold

The International Monetary Fund has said in a new report that El Nino has a variety of influences on crops, commodities, and even people’s spending. The report says growth, inflation, and commodity prices are sensitive to El Nino developments. For instance, El Nino causes hot and dry summers in southeast Australia, leading to more bush fires and lower wheat export volumes. That drives up global wheat prices and cuts the country’s economic growth.
 

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