OECD officials say Russia’s war in Ukraine and the effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year. russia ukraine inflation econmy kprc2
FILE - The logo at the entrance of the Organisation for Economic Co-operation and Development headquarters in Paris, June 7, 2017. The OECD on Monday, Sept. 26, 2022 says Russias war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year. The Paris-based organization projects worldwide growth to be a modest 3% this year before slowing further to just 2.
“The war, the burden of high energy and food prices, as well as zero COVID-19 policies from China, mean that growth will be lower, and inflation will be higher and more persistent,” OECD Secretary-General Mathias Cormann told reporters in Paris. Growth in China is expected to drop to 3.2% this year. Except in 2020 when the pandemic emerged, it would be the lowest growth rate in China since the 1970s. The group projected it would rise slightly to 4.7% next year.
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