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View all search resultsWorld economy to slow down, 'paying the price of war': OECD
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T
he world economy will take a bigger hit than previously forecast next year due to the effects of Russia's war in Ukraine, the OECD said on Monday.
In a bleak report titled Paying the Price of War, the Paris-based organization noted that the conflict aggravated inflationary pressure when the cost of living was already rising quickly.
COVID-19 outbreaks are still having an impact on the global economy while growth has also been affected by rising interest rates as central banks scramble to cool red-hot prices, the OECD said.
"A number of indicators have taken a turn for the worse, and the global growth outlook has darkened," the Organization for Economic Cooperation and Development said in the report.
Global growth stalled in the second quarter of this year and data in many economies "now point to an extended period of subdued growth", the OECD said.
The organization slashed its 2023 growth forecast for the global economy to 2.2 percent, down from 2.8 percent in its previous estimate in June.
