DW News published this video item, entitled “OECD gives sobering forecast for world economy | DW News” – below is their description.
The Organisaton for Economic Cooperation and Development says world economic growth will slow sharply from a modest 3.1 percent this year to only 2.2 percent next year.
It blames high inflation and warns of “serious headwinds”, including rising interest rates, surging energy prices and Russia’s war on Ukraine.
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About This Source - DW News
DW News is a global English-language news and information channel from German public international broadcaster Deutsche Welle, established in summer 2015.
In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.
The Organisation for Economic Co-operation and Development is an intergovernmental economic organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade.
Russia, or the Russian Federation, is a transcontinental country located in Eastern Europe and Northern Asia. It extends from the Baltic Sea in the west to the Pacific Ocean in the east, and from the Arctic Ocean in the north to the Black Sea and the Caspian Sea in the south.
Russia spans more than one-eighth of the Earth’s inhabited land area, stretching eleven time zones, and bordering 16 sovereign nations. Moscow is the country’s capital.
The Soviet Union was dissolved in 1991 and since 1993 Russia been governed as a federal semi-presidential republic. Russia is a major great power, with the world’s second-most powerful military, and the fourth-highest military expenditure. As a recognised nuclear-weapon state, the country possesses the world’s largest stockpile of nuclear weapons.
Ukraine is a large country in Eastern Europe known for its Orthodox churches, Black Sea coastline and forested mountains. Its capital, Kiev, features the gold-domed St. Sophia’s Cathedral, with 11th-century mosaics and frescoes. Overlooking the Dnieper River is the Kiev Pechersk Lavra monastery complex, a Christian pilgrimage site housing Scythian tomb relics and catacombs containing mummified Orthodox monks.