World economies are still recovering from Covid
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The Organization for Economic Development (OECD) said on Thursday that the war in Ukraine could cut global economic growth by more than one percentage point in the first year after its start.
According to the OECD, its impact could also cause a “deep recession” in Russia if it is sustained. Consumer prices are expected to rise globally by approximately 2.5%, the report said.
Growth in the European Union will be hardest hit, with a decline of 1.5% in gross domestic product, OECD’s chief economist Laurence Boone told The Globe and Mail. The United States is expected to fare better, with an impact of around 0.8%, she added.