The Ukraine war has sent food and energy prices soaring. (Photo: AFP)
PARIS: The OECD warned Wednesday that the world economy will pay a “hefty price” for Russia’s invasion of Ukraine as it slashed its 2022 growth forecast and projected higher inflation.
The Paris-based organisation, which represents 38 mostly developed countries, is the latest institution to predict lower GDP growth due to the conflict, which has sent food and energy prices soaring.
In its latest economic outlook, the Organisation for Economic Co-operation and Development said global gross domestic product would grow by three percent in 2022 — down sharply from the 4.5% estimated in December.
The OECD also doubled its forecast for inflation among its members –…
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