The Organisation for Economic Co-operation and Development said the global growth is set to slow sharply this year than previously forecast as the war in Ukraine triggered a cost-of-living crisis and the zero-COVID policy of China added to supply chain disruptions.
The global economy will expand 3.0 percent in 2022, which is sharply slower than the 4.5 percent projected in December, OECD said in its latest economic outlook, released Wednesday. The growth rate is seen at 2.75 percent in 2023.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.