Global growth is expected to decline from 3.1% this year to 2.2% in 2023, before it recovers slightly to 2.7% in 2024, according to the Organization for Economic Cooperation and Development (OECD), reported AFP on Tuesday.
The decline comes as a result of the Russia-Ukraine war, in addition to the effects of the Covid-19 pandemic.
The organization’s chief economist, Alvaro Santos Pereira, said that the global economy is “suffering under the weight of the largest energy crisis since the 1970s,” adding that the energy shock is causing inflation to rise “to levels not seen in decades” and affecting economic growth around the world.
Inflation was rising before the outbreak of the conflict as a result of bottlenecks in global supply chains, after countries lifted lockdown measures linked to the pandemic, according to the same source.
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