The OECD says the war in Ukraine is a humanitarian disaster, and the economic shock will make inflation higher and more persistent
Australia has been encouraged to keep transitioning to renewable energy, as the war in Ukraine exposes the risks to global energy security.It says inflation will be higher than expected globally, and more persistentThe Organisation for Economic Co-operation and Development said the world was paying a "hefty price" for Russia's war.
It said the conflict had also exposed how energy security and climate mitigation were intertwined, and it was urging governments to "shift gear" to accelerate the global transition to renewable energy. It estimated world growth would now be 3 per cent in 2022 — down from the 4.5 per cent it was projecting in December.
Pandemic-related effects account for a sizeable share of the recent increase in headline inflation around the world
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