World economy to slow, ‘paying the price of war’: OECD

The world economy will take a bigger hit than previously forecast next year due to the effects of Russia’s war in Ukraine, the Organisation for Economic Co-operation and Development (OECD) said Monday.
In a bleak report titled “paying the price of war”, the Paris-based organisation noted that the conflict aggravated inflationary pressure when the cost of living was already rising quickly. “The world is paying a very heavy price for Russia’s aggression against Ukraine,” OECD Secretary-General Mathias Cormann said in a news conference.
“Households and firms are suffering as costs rise and purchasing power is taking a hit,” Cormann said. COVID 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.-PNP