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The Organisation for Economic Co-operation and Development (OECD) has said Russia’s war in Ukraine, now in its eighth month, will have a greater effect on the global economy than expected.
The OECD said on 26th September that it had reduced its forecast for the expansion of the world economy to 2. 2% in 2023, compared to an earlier estimate of 2. 8%.
“With the effects of the COVID-19 pandemic persisting, the war is weighing on expansion and further upward pressure on prices, especially for food and energy. Global GDP stagnated in the current quarter of 2022 and output declined in the G20 economies,” he added. .
The report says peak inflation persists longer than expected and that, in many economies, inflation in the early part of 2022 is at its highest point since the 1980s.
Russia introduced its invasion of Ukraine on February 24.
By RFE/RL
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