Organisation for Economic Co-operation and Development slashed its 2022 growth forecast and projected higher inflation. Organisation doubled its forecast for inflation among its members — which range from the United States to Australia, Japan, and Latin American and European nations — to 8.5%, its highest level since 1988. ‘The world is set to pay a hefty price for Russia’s war against Ukraine,’ wrote the OECD’s chief economist and deputy secretary-general, Laurence Boone, adding that a ‘humanitarian crisis is unfolding before our eyes’ ‘The extent to which growth will be lower and inflation higher will depend on how the war evolves, but it is clear the poorest will be hit hardest,’ he said. The World Bank revised its own figures on Tuesday, lowering its global growth forecast from 4.1% to 2.9% . . .
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