The Organization for Economic Cooperation and Development has become the latest international institution to cut its predictions for global growth this year.
"But growth is set to be considerably weaker than expected in most economies, especially in Europe, where an embargo on oil and coal imports from Russia is incorporated in the projections for 2023," it said.
Nonetheless, the euro zone, the 19-nation region that shares the euro, and the United States do not differ much in terms of their economic outlook. The OECD said the former will grow 2.6% this year and the U.S. will expand by 2.5%. "Inflation [in the U.K.] will keep rising and peak at over 10% at the end of 2022 due to continuing labour and supply shortages and high energy prices, before gradually declining to 4.7% by the end of 2023," the OECD said.
"In many emerging-market economies the risks of food shortages are high given the reliance on agricultural exports from Russia and Ukraine," the OECD said. China is seen growing by 4.4% this year, India by 6.9% and Brazil by a marginal 0.6%.
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