Impact of energy and inflation crises worse than forecast, with Europe most directly exposed to fallout of Russian invasion
The world’s leading economies are sliding into recession as the global energy and inflation crises sparked by Russia’s invasion of Ukraine cuts growth by more than previously forecast, according to the Organisation for Economic Co-operation and Development (OECD).
A heavy dependency on expensive gas for heavy industry and home heating will plunge Germany, Italy and the UK into a long period of recession after global growth was projected by the OECD to slow to 2.2% in 2023 from a forecast in June of 2.8%.
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