The Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday it has revised down its global economic growth forecast for this year by 0.3 percentage points to 3.9%, majorly due to the Russia-Ukraine conflict and the ongoing coronavirus pandemic, APA reports citing Teletrader.
All of the world's greatest economies are now projected to see less economic growth compared to the previous OPEC estimate, according to the report, with Russia's economy contracting by 2%.
"The continuing pandemic, rising inflation, aggravated supply chain issues, high sovereign debt levels in many regions and expected monetary tightening by central banks in the US, the UK, Japan and the euro area require close monitoring," the OPEC concluded.
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