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Ukraine crisis could cut 1% off global growth this year: OECD
Although Russia and Ukraine make up only 2 per cent global GDP, they have an outsized impact on the energy and commodities markets as major producers of raw materials used in everything from catalytic converters for cars to fertilisers.
As energy and commodity price spikes put new pressure on already surging inflation, the OECD said that central banks should focus on normalising monetary policy although a slower pace would be warranted in countries where the economic fallout from the war is worst.
