China News Agency, Paris, June 8 (Reporter Li Yang) The Organization for Economic Cooperation and Development (OECD) on June 8 lowered its forecast for world economic growth in 2022 from 4.5% to 3%.

  The latest economic outlook report released by the OECD on the same day stated that the continuation of the Russian-Ukrainian conflict and the failure to alleviate global supply chain problems have affected the recovery of the world economy.

The extent of slowing economic growth and rising inflation will largely depend on how the Russian-Ukrainian conflict evolves in the future; growth in most economies will be weaker than expected, especially in Europe, the report argues.

  The OECD significantly lowered its forecast for world economic growth in 2022 from 4.5% to 3%, and lowered its forecast for world economic growth in 2023 from 3.2% to 2.8%.

Economic expectations for 2023 include the economic impact of the embargo on Russian oil and coal, the report said.

The report believes that the European Union countries have long relied on Russia's fossil fuels, and a sudden sharp cut in supply will hit the economy.

  The OECD also said that Russia and Ukraine are important suppliers of commodities such as wheat.

With the ongoing conflict between Russia and Ukraine, the risk of a food crisis is high, especially threatening low-income countries that are highly dependent on Russia and Ukraine for food.

Soaring commodity prices and possible production disruptions will have major implications, such as further eroding the purchasing power of the population.

  The OECD lowered its growth forecasts for most economies, and the euro zone's economic growth in 2022 and 2023 will be only 2.6% and 1.6%, respectively, lower than the previous forecast of 4.3% and 2.5%.

French economic growth in 2022 and 2023 is 2.4% and 1.4%, respectively.

China's economy is expected to grow by 4.4% in 2022 and 4.9% in 2023.

In addition, headline inflation in OECD member countries will reach 8.5% in 2022.

  Lawrence Boone, chief economist of the OECD, pointed out that the first priority is to avoid a food crisis, and global cooperation is needed to ensure that food reaches consumers at affordable prices; secondly, relevant measures should be taken to deal with inflation. ; Monetary and fiscal policies of countries need to be adapted to the current special conditions.

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