(VOVWORLD) - The world economy will take a bigger hit next year than previously forecast due to the effects of the conflict in Ukraine, the Organization for Economic Co-operation and Development (OECD) said Monday in its latest economic outlook report.
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Global growth will remain the same in the fourth quarter of this year and then decline in 2023, according to the OECD, who downgraded its global economic growth forecast for next year from 2.8% to 2.2%.
The outlook for nearly every nation in the Group of 20 shrank, except for Turkey, Indonesia, and the UK.
Growth in the US, the world's biggest economy, is forecast to slow to 0.5% in 2023.
The growth forecast for China, the world’s second big economy, was cut sharply for this year to 3.2% and 4.7% for 2023.
Global growth stalled in the second quarter of this year and data in many economies now point to an extended period of subdued growth, the OECD said, adding that even a number of indicators have taken a turn for the worse, and the global growth outlook has darkened.