The OECD lowered its forecast for global economic growth to 2.2% in 2023 from an initial 2.8%, the organization said in a report.
The Organization for Economic Cooperation and Development (OECD) believes that the war in Ukraine will have a greater impact on the global economy than previously predicted.
“The global economy is paying a high price for Russia’s unprovoked, unjustified and illegal war of aggression against Ukraine,” the OECD said.
It noted that the organization lowered its forecast for global economic growth to 2.2% in 2023 from an initial 2.8%.
The report says the war is slowing economic growth and putting additional pressure on higher prices, especially for food and energy.
According to the OECD, in the second quarter of 2022, global GDP will stagnate, and production will fall in the economies of the G20 countries.
It also noted that high inflation has persisted longer than expected, and inflation in the first half of 2022 in many economies will be the highest since the 1980s.
“As recent indicators have worsened, the outlook for the global economy has also worsened,” the OECD said.
It was previously reported that due to the war in Ukraine and drought in many countries of the world, a major grain shortage is brewing.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.