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World economy to slow, 'paying the price of war': OECD

'Significant uncertainty'

26 September, 12:55
(ANSA-AFP) - PARIS, SEP 26 - The world economy will take a bigger hit than previously forecast next year due to the effects of Russia's war in Ukraine, the OECD said Monday. In a bleak report titled "paying the price of war", the Paris-based organisation noted that the conflict aggravated inflationary pressure when the cost of living was already rising quickly.

Covid outbreaks are still having an impact on the global economy while growth has also been affected by rising interest rates as central banks scramble to cool red-hot prices, the OECD said.

The war has sent energy and food prices soaring over concerns about supply as Russia is a major oil and gas producer while Ukraine is a key exporter of grains to countries across the world. Inflation had already been on the rise before the conflict due to bottlenecks in the global supply chain after countries emerged from Covid lockdowns. (ANSA-AFP).

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