Global Economic Experts Issue “Bleak” Warning – Expect Even Higher Inflation
(UnitedReader.com) – Much of the world is facing inflated prices, partially due to the Russian-Ukraine war. With the issues the world has endured over the past two years, the global economy is struggling. The proof is in a recent report from an international economic organization, which claims the current war in Ukraine and inflation have turned the future grim.
‘Pretty Bleak’: International Economic Organization Issues New Warning About Soaring Inflation, Famine https://t.co/lxaFLZzlwJ pic.twitter.com/Zbsrdp77j7
— Daily Wire (@realDailyWire) June 8, 2022
The precise words that Laurence Boone, a French economist and the Deputy Secretary of the Organization for Economic Cooperation and Development (OECD), used were, “the economic outlook is pretty bleak.” Boone explained the war in Ukraine has caused inflation to surge and slowed economic growth, adding the world has to pay for Russia’s aggression.
The deputy secretary’s statement comes as the OECD decreased its predicted global economic growth from its 4.5% number in December 2021 to just 3% for 2022. As the world suffers, so do each of its individual countries. The US is no exception, with growth dropping from 3.73% to only 2.46%
The OECD also issued a warning in its report that low-income countries face a serious threat of famine as Russia continues to assault Ukraine; the two countries make up around 30% of the world’s wheat exports and 11% of its oil. Food prices will continue to rise, eventually making it all but unattainable in poor countries, leading to famine and civil unrest. Energy prices will also go up, making it harder for people to keep their lights on or stay comfortable in extreme weather.
As bad as everything is now, it seems as though it’s only going to get worse. Hopefully, the saying, “it gets worse before it gets better,” rings true.
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