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OECD Has Reduced Its Global Growth Prediction For 2023 To 2.2% Due To Ukraine Crisis

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The Organisation for Economic Cooperation and Development (OECD) announced on Monday that the continued Russian invasion of Ukraine will cause the global economy to suffer more than previously expected. The Paris-based organization cut the world economy’s growth prediction for 2023 to 2.2 percent. It was projected earlier in June to be around 2.8%. “A number of indicators have deteriorated, and the global growth outlook has dimmed,” the OCED stated in its research titled “Paying the Price of War.”

According to estimates, Germany will be the worst-affected country in Europe, with the possibility of a recession due to the prolonged energy crisis. Russia’s move to cut off gas supplies could cause the German economy to contract by 0.7% in 2023. “The effects of the war, as well as the ongoing effects of Covid-19 outbreaks in various regions of the world, have hampered growth and added to pricing pressures,” the OECD said.

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