OECD: Global Growth 1% Lower This Year Due To Ukraine War

Secretary General of the Organisation for Economic Co-operation and Development (OECD) Mathias Cormann delivering presser on the OECD's view on the impact of the Ukraine war on the global economy.

• Cormann says that the crisis could see global growth more than 1% lower due to the crisis, while adding 2.5% or more to inflation.
• Cormann: 'Central banks should be prepared to intervene if needed to ensure smooth functioning of financial markets'.
• Livestream: https://twitter.com/i/broadcasts/1kvKpAnaavOGE
• OECD: Gov't could "cushion the impact of the conflict" without boosting inflation.
• Cormann: “Even though Russia and Ukraine are a comparatively small part of the global economy, the economic disruptions brought on by the conflict are large and are likely to continue in the future.”
• Cormann: “This crisis calls for sensible, well targeted, temporary short term measures while staying focused on long-term objectives, ensuring the resilience of our global supply chains, ensuring energy, food and digital security, and staying the course on our climate objectives.”

Chart 1. Economic Implications of Ukraine Crisis

Source: OECD