Russia-Ukraine War Impact: The year 2023 is going to be very challenging for the economies of the whole world. The global economy may have to bear the big brunt of the Russia-Ukraine war in 2023. In its report in the OECD, it has been said that the economy of the whole world may have to bear a bigger loss in 2023 than what was estimated about the effects of Russia's war in Ukraine.
Paris-based organization OECD (Organization for Economic Co-operation and Development) has released a report titled Paying the Price of War, in which it has been said that due to inflation, people are already on their daily routine. The burden of inflation was increasing. On top of that, the Russo-Ukraine war added to the pressure of inflation.
The OECD said the Covid outbreak is still impacting the global economy while rising interest rates have hit growth as central banks scramble to crack down on inflation. The report said that many signs are taking a worse form and the crisis in the global growth outlook is deepening.
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