The OECD has downgraded Australia’s economic outlook after warning a deep recession is likely in Europe as a result of an extended war in Ukraine.
The organisation forecast the Australian economy will grow by 4.1 per cent this year and two per cent in 2023.
OECD Secretary-General Mathias Cormann says “the world continues to pay a high price for Russia’s war of aggression”.
“The global economy is slowing down and inflation is broadening,” he said.
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