The world as a whole has been jolted by the war in Ukraine, according to the Organisation for Economic Co-operation and Development (OECD), which cut almost all growth forecasts for the Group of 20 next year while anticipating further interest-rate hikes as well.

The global economy will expand just 2.2 percent in 2023, the Paris-based organization said Monday. The new projection for the year means output will be US$2.8 trillion less than officials had predicted at the end of 2021.

The OECD slashed GDP forecasts for most of the G-20, with only Indonesia featuring a moderately higher outlook. Many of the group face noticeably faster inflation too.

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