Double Whammy
2022, September, 12
Economics
- In China, due to rise in temperatures, air conditioning demand has increased resulting in more power consumption. But electricity is generated using hydro power dams which are not functioning due to reduced water levels caused by rise in temperatures.
- Indian companies exporting to Europe get paid in Euro which has weakened. But companies need to pay for raw materials in US dollars which has gone up. Falling income and rising expenses.