War in Ukraine will have greater impact on world economy - OECD

War in Ukraine will have greater impact on world economy - OECD

The Organization for Economic Co-operation and Development (OECD) believes that Russia's war in Ukraine, now in its eighth month, will have a greater impact on the world economy than it was earlier anticipated.

According to Ukrinform, the organization said this in its report.

"The world economy is paying a high price for Russia's unprovoked, unjustifiable and illegal war of aggression against Ukraine," the OECD said, noting that the organization lowered its global economic growth forecast to 2.2 percent in 2023 from a previous estimate of 2.8 percent.

The report notes that the war is dragging down growth and putting additional upward pressure on prices, above all for food and energy.

The OECD said that global GDP stagnated in the second quarter of 2022 and output declined in the G20 economies.

In addition, the report said that high inflation is persisting for longer than expected. In many economies, inflation in the first half of 2022 was at its highest since the 1980s.

"With recent indicators taking a turn for the worse, the global economic outlook has darkened," the organization said.

Sign up for our free newsletter skorik@ukrinform.com.

Let’s get started read our news at facebook messenger > > > Click here for subscribe

While citing and using any materials on the Internet, links to the website ukrinform.net not lower than the first paragraph are mandatory. In addition, citing the translated materials of foreign media outlets is possible only if there is a link to the website ukrinform.net and to the website of a foreign media outlet. Citing and using materials in offline media, mobile apps, Smart TV are allowed only with written permission from Ukrinform. News and publications marked as "Advertisement" and "PR" and articles in the section "Releases" include promoted content, and an advertiser is responsible for the content.

© 2015-2023 Ukrinform. All rights reserved.

Website design Studio Laconica

Extended searchHide extended search
By period: