War in Ukraine will take global economic toll, OECD warns

Harbour cranes at the trade port in Mariupol, Ukraine (Sergei Grits/AP)

Russia’s war in Ukraine will disrupt commerce and clog up supply chains, slashing economic growth and pushing prices sharply higher around the globe, the Organisation for Economic Co-operation and Development (OECD) has warned.

In a grim new assessment, the 38-country OECD said that over the next year, the conflict would reduce gross domestic product (GDP) – the broadest measure of economic output – by 1.08% worldwide, by 1.4% in the 19 European countries that share the euro currency and by 0.88% in the United States.