Russia-Ukraine War Impact: The year 2023 is going to be very challenging for the economies of the whole world. The global economy may have to bear the big brunt of the Russia-Ukraine War. The OECD has said in its report that in 2023, the economy of the whole world may have to suffer a bigger loss than what was predicted about the effects of Russia’s war in Ukraine.
Paris-based organization OECD (Organization for Economic Co-operation and Development) has released a report titled Paying the Price of War, in which it has been said that due to inflation, people are already living their lives. But the burden of inflation was increasing. On top of that, the Russo-Ukraine war has added to the pressure of inflation.
The OECD said that the outbreak of Kovid is still affecting the global economy, while rising interest rates have also affected growth as central banks scramble to crack down on inflation. The report said that many signs are taking a worse form and the crisis on the global growth outlook is deepening.
According to the report, in the second quarter of the current year, the growth rate of the economies of the whole world has stagnated. And the figures of many countries are indicating that the decline in growth may continue for a long time.
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