OECD slashes world GDP growth forecast for 2023

The Organization for Economic Co-operation and Development (OECD) on Monday slashed its world GDP growth forecast from 2.8 percent to 2.2 percent for 2023 due to the conflict in Ukraine.

Germany is expected to go into recession in 2023 with Europe's biggest economy now seen shrinking by 0.7 percent, a 2.4-percentage-point drop from the previous forecast.