• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 56 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 7 days What fool thought this was a good idea...
  • 10 days They pay YOU to TAKE Natural Gas
  • 10 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 5 days A question...
  • 16 days The United States produced more crude oil than any nation, at any time.

OECD: Russia’s Invasion Of Ukraine Will Stifle Global Economic Growth

Russia’s invasion of Ukraine will shave around one percentage point off of global economic growth this year, reveals new forecasts by the group of rich nations.

Disruption to flows of Russian and Ukrainian commodities as a result of the conflict will deliver a sharp blow to the Eurozone economy, according to the Organisation of Economic Co-operation and Development (OECD).

The Continent is heavily reliant on Russia for gas supplies, meaning economic activity could be curbed in the bloc if flows are scuppered.

Oil and gas prices have whipsawed since the outbreak of the war, intensifying uncertainty in the European business environment.

The UK, meanwhile, sources most of its energy outside of Russia. However, prices are set in international markets, meaning rising energy costs will still crimp growth by weighing on living standards and spending.

The US will grow 0.9 percentage points slower than first thought.

Governments should launch temporary and targeted policies to support households’ incomes, the OECD said..

Some analysts expect Chancellor Rishi Sunak to announce such measures to help Brits through a worsening cost of living crunch at the spring statement next Wednesday.

ADVERTISEMENT

Central banks should also be prepared to soothe financial market functioning if the conflicts lead to bouts of volatility, the OECD added.

By City AM 

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News