“The world economy is paying a high price for Russia’s unprovoked, unjustifiable and illegal war of aggression against Ukraine,” the OECD said, noting that the organization lowered its global economic growth forecast to 2.2 percent in 2023 from a previous estimate of 2.8 percent.
The report notes that the war is dragging down growth and putting additional upward pressure on prices, above all for food and energy.
The OECD said that global GDP stagnated in the second quarter of 2022 and output declined in the G20 economies.
In addition, the report said that high inflation is persisting for longer than expected. In many economies, inflation in the first half of 2022 was at its highest since the 1980s.
Orest Biloskursky, the head of the Kyiv24 Applied Research Think Tank, offers an exclusive analysis…
Ukrainian National Guard fighters have destroyed a Russian Su-25 attack aircraft, which was on a…
On Tuesday, June 25, a conference in Luxembourg marked the beginning of negotiations on Ukraine's…
The Pre-Trial Chamber II of the International Criminal Court (ICC) has issued arrest warrants for…
A warehouse is burning in Odesa following a missile strike. There are injured individuals, but…
In recent days, the Ukrainian Defense Forces have successfully carried out a series of strikes…