OECD: War in Ukraine to drag on global economy into 2023

By CATHERINE GASCHKA
Associated Press

PARIS (AP) — The Organization for Economic Cooperation and Development says Russia’s war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year. The Paris-based organization projects worldwide growth to be a modest 3% this year before slowing further to just 2.2% next year, representing around $2.8 trillion in lost global output in 2023. The war in Ukraine has driven up food and energy prices worldwide, leading the OECD to project annual economic growth to slow to around 1.5% this year in the U.S., 1.25% in the 19 countries using the euro currency and 3.2% in China.