The world as a whole has been jolted by the war in Ukraine, according to the Organization for Economic Cooperation and Development, which cut almost all growth forecasts for the Group of 20 next year while anticipating further interest-rate hikes too.

The global economy will expand just 2.2% in 2023, the Paris-based organization said Monday. The new projection for the year means output will be $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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