The world will pay a necessary but “hefty price” for taking a stance against Russia’s invasion of Ukraine, the OECD said on Wednesday as it urged governments to ensure that the burden is shared fairly.
The Paris-based international organisation said the conflict would lead to lower growth and higher inflation as it urged its members to protect the poorest households within their countries and guarantee grain supplies for the countries most affected by the war in Ukraine.
The OECD represents the majority of the world’s advanced economies and its call to action came as it published much weaker economic forecasts, with large cuts to expectations of growth and big increases in expected inflation across rich countries.
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