The Organization for Economic Co-operation and Development (OECD) said on Wednesday that it has lowered its global economic growth forecast from 4.46% to 3% for this year.
Russia’s war on Ukraine and China’s lockdown measures have damaged the recovery, the OECD said in a report.
“Prior to the war, the world economy was on track for a strong, albeit uneven, recovery from COVID-19,” it added.
The report’s 2023 forecast was 2.8% for global economic growth.
On inflation, it said: “The war in Ukraine has quashed hopes for a quick end to rising inflation from COVID-19 related supply bottlenecks seen across the global economy during 2021 and early 2022.”