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“The global economy has lost momentum in the wake of Russia’s unprovoked, unjustifiable and illegal war of aggression against Ukraine. GDP growth has stalled in many economies and economic indicators point to an extended slowdown,” OECD secretary-general Mathias Cormann said in a statement. Inflationary pressures have become increasingly broad-based, said the OECD, as higher energy, transportation and other costs pass through into prices. Wage growth has also strengthened, especially in Canada, the U.S. and U.K., which puts pressure on a wide range of prices.
The OECD said further policy rate increases are needed in most major advanced economies to reduce inflation and these will likely involve a period of “below-trend growth.”
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