• The world economy will pay a “hefty price” for the war in Ukraine encompassing weaker growth; stronger inflation and potentially long-lasting damage to supply chains.
• The Organisation for Economic Co-operation and Development has warned.
• The world economy will pay a “hefty price” for the war in Ukraine, a global economic group has warned.

The war in Ukraine will cost the global economy a “hefty price” in terms of weaker GDP, higher inflation, and potentially long-term damage to supply networks; according to the Organisation for Economic Cooperation and Development.

Read More: OECD lowers world GDP forecast; terms vaccination key

In its most recent economic outlook, the organisation lowered its global growth forecast for this year to 3% from 4.5 percent in December; and quadrupled its inflation forecast for its 38 member countries to about 1%.

Read More: OECD hails ‘major victory’ as global tax holdouts join reform