From an economic perspective, drought may be viewed as an exogenous, but internal, supply-side shock which results directly in sharp reductions in agricultural production and reduced export earnings. Meteorological drought may also result in hydrological conditions that have an adverse impact on non-agricultural production, including hydroelectric power generation, human water supply and certain industrial processes. In addition, droughts have potential knock-on effects on non-productive aspects of an economy such as the budget deficit, the rate of inflation, interest rates, availability of credit, levels of savings, and external debt stocks. These direct and indirect impacts and multiplier effects together mean that the economy-wide consequences of a drought shock may be considerable. However, these impacts may be highly differentiated in terms of both their scale and character, partly depending on the economic structure of a country and the nature of intersectoral linkages and resource endowments, as well as on other factors such as the prevailing economic conditions and policy environment.
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