The world is paying a heavy price for Russia’s war in Ukraine — OECD Economic Outlook

The Organization of Economic Co-operation and Development (OECD) revised its forecasts for global economic growth this year in a new volume of Economic Outlook, calling Russia’s invasion of Ukraine one of the main reasons for the possible drop.

The OECD expects global GDP to rise 3% in 2022, down 1.5 percentage points from the forecast made in December.

“The extent to which growth will be lower and inflation higher will depend on how the war evolves… Limiting Russia’s ability to finance the war is essential for speeding up an end to this devastating conflict,” OECD Chief Economist and Deputy Secretary-General Laurence Boone said.

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