World Economy Slows Amid War and China’s Downturn


Global economic growth will drag for the rest of this year and slow further in 2023, according to the Organization for Economic Cooperation and Development, a Paris-based international organization.

The OECD lists Russia’s invasion of Ukraine and China’s socioeconomic policies as among the major causes for the slowdown.

“The war, the burden of high energy and food prices, as well as zero-COVID-19 policies from China mean that growth will be lower and inflation will be higher and more persistent,” OECD Secretary-General Mathias Cormann told reporters Monday in Paris as the organization’s interim outlook was released.

The report acknowledged that economic activities were seeing a boost as COVID-19 concerns eased worldwide but stated that “global growth is projected to remain subdued in the second half of 2022, before slowing further in 2023 to an annual growth of just 2.2%.”

A key factor slowing global growth is governments’…

Read more…