The economic damage caused by the war in Ukraine is being felt worldwide and “risks becoming increasingly severe and long-lasting,” the Organisation for Economic Co-operation and Development said on Thursday, MIA informs.
“Amid the uncertainty, the OECD estimates global economic growth could be more than 1 percentage point lower this year than was projected before the conflict,” the Paris-based organization of 38 developed countries said. It added that inflation, which was already high at the start of the year, “could be higher than it would have been if war had not broken out by at least a further 2 percentage points on aggregate across countries.”
Energy prices had “jumped alarmingly,” the OECD said, noting that Russia supplies around 16% of the world’s natural gas and 11% of its oil. It also noted a sharp rise in the prices of other commodities, pointing in particular to wheat and fertilizers, along with the metals nickel and palladium.
