According to a recent prediction, the global economy is slowing more than anticipated.

The slowdown is being caused by soaring inflation, which is adversely affecting both individuals and businesses. It is being driven by the high price of energy and food and is expanding to other commodities and services.

According to a recent prediction, the global economy is slowing more than anticipated.

As Russia's war in Ukraine raises inflation and oil prices, economies around the world are slowing more than anticipated. As a result, the Organization for Economic Cooperation and Development was forced to lower its growth predictions for the upcoming years on Monday.

The group reduced its estimate, retaining its projection that global economic growth would be a "modest" 3% this year and an even weaker 2.2% next year, down from 2.8% a few months ago, even if it refrained from predicting a global recession. According to the organization's secretary-general, Mathias Cormann, Russia's war of aggression against Ukraine is costing the entire world dearly, according to the organization's secretary-general Mathias Cormann.

In nearly every one of the 38 nations it represents, which includes the majority of the world's advanced economies, the group cut its growth projection. According to L. Varo Santos Pereira, the OECD's head economist, it predicted growth for China of just 3.2% this year and 4.7% next year, one of the lowest rates for the nation since the 1970s.