The Organization for Economic Co-operation and Development (OECD), known as the "Rich Countries Club", has published its forecast for the global economic development for the coming year.
According to the experts of the organisation, "The global economy is slowing down. This is due to soaring inflation, fuelled by the high price of energy and food, is driving the slowdown and spreading to other goods and services, weighing heavily on households and businesses. GDP growth in many countries has stopped, and judging by the data on the state of the economy, the slowdown will be long," said OECD Secretary General Matthias Kormann. Russia will experience the most significant drop next year among the world's top 20 economies - 4.5% of GDP. Forecasts for the US and the EU have also been downgraded. Germany will suffer the most here - the GDP decline by 0.7%.
An expert opinion on this topic, exclusively for our portal, was expressed by an economist at the City of London University, Professor of International law David Collins.
The energy crisis, galloping inflation, the decline in production in China - these factors will also play a role in the impoverishment of the world economy. However, some countries - such as India, the United Arab Emirates, Turkey, the same China will benefit from the situation, they will even face a slight increase in GDP.
Sanctions are another important reason for the deterioration of the global economy. They are all the more fraught with the fact that they threaten with famine in developing countries, countries in Africa, Asia, the Middle East, which are highly dependent on food imports. And this is fraught, in turn, with riots, riots and political instability in these regions.
