OECD Economic Outlook Highlights:

The Economic Outlook, published today by the OECD projects global gross domestic product (GDP) growth of around 3pc this year and 2.8pc in 2023, notably down from the respective 4.5pc and 3.2pc it forecast in its December outlook.

• The revisions are directly attributable to Russia’s invasion of Ukraine in February and in part the knock-on impact on energy and commodity prices.
• "The additional impetus to food and energy prices, and the aggravation of supply-chain issues, imply that consumer price inflation will peak later and at higher levels than previously foreseen." The report says.
• The group cut its forecast for GDP growth in the US to 2.5pc this year, from its previous estimate of 3.7pc. It sees growth of 4.4pc in China, from a previous forecast for 5.1pc. Its forecast for the eurozone is now for GDP growth of 2.6pc, from a previous 4.3pc. Growth in these economies was 5.7pc, 8.1pc and 5.3pc respectively in 2021.
• It called for OECD countries to reduce their overall reliance on fossil fuel imports "by providing appropriate incentives to move away from fossil fuels and investing significantly in clean energy and energy efficiency."