The results of these projections should be subject to cautious interpretation, because of the lack of reliance of regional precipitation projections (Liu et al., Lastly, because IMPACT is a partial equilibrium model, price and trade effects are based on excess supply and demand equilibria at the global scale, they do not capture changes in bilateral trade relationships and they do not take into account of other sectors’ feedback loops. Further results, including those combining some of the shocks with climate change projections, are shown in Annex 3.A2.