{"id":1507646,"date":"2022-06-08T12:04:33","date_gmt":"2022-06-08T16:04:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1507646"},"modified":"2022-06-08T12:04:39","modified_gmt":"2022-06-08T16:04:39","slug":"pretty-bleak-international-economic-organization-issues-new-warning-about-soaring-inflation-famine","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pretty-bleak-international-economic-organization-issues-new-warning-about-soaring-inflation-famine\/","title":{"rendered":"\u2018Pretty Bleak\u2019: International Economic Organization Issues New Warning About Soaring Inflation, Famine"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fpretty-bleak-international-economic-organization-issues-new-warning-about-soaring-inflation-famine%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1507646&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Organization for Economic Cooperation and Development (OECD) decreased its world <a href=\"https:\/\/www.dailywire.com\/topic\/economy\">economic growth<\/a> forecast amid multiple <a href=\"https:\/\/www.dailywire.com\/topic\/recession\">crises<\/a>.<\/p>\n<p>The intergovernmental organization now <a href=\"https:\/\/www.oecd.org\/economic-outlook\/\">predicts<\/a> 3% global economic growth for 2022 \u2014 a significant revision from the 4.5% it <a href=\"https:\/\/www.reuters.com\/markets\/europe\/oecd-says-inflation-main-risk-economic-outlook-2021-12-01\/\">predicted<\/a> in December \u2014 largely because of disruptions from the Russian invasion of Ukraine.<\/p>\n<p>\u201cThe economic outlook is pretty bleak,\u201d OECD Deputy Secretary-General and French economist Laurence Boone <a href=\"https:\/\/youtu.be\/wQG1XnKyrxk?t=3\">explained<\/a>. \u201cAs the war continues, it is pushing up inflation and slowing growth. Russia\u2019s aggression comes with a price we\u2019re all paying \u2014 disruptions have driven up food and energy prices, which are putting a high burden on all of us, and especially the most vulnerable.\u201d<\/p>\n<p>The OECD slashed predictions for gross domestic product (GDP) growth in most major economies \u2014 especially Finland, Italy, France, the United Kingdom, Estonia, and other European nations. The OECD also slashed growth prospects for the United States from 3.7% to 2.5%.<\/p>\n<p>\u201cThe new OECD projections show the large and global impact the war is having on inflation, which has already reached 40-year highs in Germany, the United Kingdom and the United States,\u201d the organization said. \u201cA gradual reduction of supply chain and commodity price pressures and the impact of rising interest rates should begin to be felt through 2023, but core inflation is nonetheless projected to remain at or above central bank objectives in many major economies at year-end.\u201d<\/p>\n<p>Earlier this week, the World Bank also <a href=\"https:\/\/www.dailywire.com\/news\/sharpest-slowdown-in-80-years-world-bank-releases-ominous-news-about-recession-risk\">cut<\/a> its 2022 growth forecasts from 4.1% to 2.9% and <a href=\"https:\/\/twitter.com\/BloombergTV\/status\/1534179036880044033\">warned<\/a> of the \u201csharpest slowdown in 80 years.\u201d The World Bank compared global economic conditions to those witnessed in the 1970s \u2014 including supply-side issues causing inflation to soar and aggressive monetary stimulus in advanced economies.<\/p>\n<p>Although the OECD expects eastern European nations to endure the highest price level increases, the entity also increased inflation forecasts for several developed countries. Predictions for inflation in the United States, for example, rose from 4.4% to 5.9%.<\/p>\n<p>The OECD issued a warning about famine in low-income countries dependent upon Russia and Ukraine for food staples. \u201cWith public budgets stretched by two years of the pandemic, these countries could struggle to provide food and energy at affordable rates to their populations, risking famine and social unrest,\u201d the OECD said. \u201cThe sharp rise in prices is already undermining purchasing power, which will force lower income households worldwide to cut back on other items to pay for basic energy and food needs.\u201d<\/p>\n<p>Ukraine and Russia, combined, <a href=\"https:\/\/www.nationalgeographic.com\/environment\/article\/war-in-ukraine-could-plunge-world-into-food-shortages#:~:text=If%20they%20don%27t%20succeed,12%20percent%20of%20its%20calories.\">produce<\/a> roughly 12% of the world\u2019s calories, as well as 30% of the world\u2019s traded wheat. Indeed, the United Nations <a href=\"https:\/\/news.un.org\/en\/story\/2022\/03\/1114962\">warned<\/a> as early as March that Ukraine\u2019s ability to \u201charvest crops, plant new ones or sustain livestock production\u201d was in jeopardy due to the invasion.<\/p>\n<p>Americans are likewise <a href=\"https:\/\/www.dailywire.com\/news\/americans-changing-the-way-they-buy-groceries-as-inflation-soars-study-finds\">battling higher food prices<\/a> amid supply chain bottlenecks. According to a quarterly <a href=\"https:\/\/newsroom.bmoharris.com\/2022-05-31-BMO-Real-Financial-Progress-Index-Inflation-Causing-a-Quarter-of-Americans-to-Delay-Retirement\">survey<\/a> from BMO and Ipsos, 42% of adults \u201care changing how they shop for groceries,\u201d including \u201copting for cheaper items, avoiding brand names and buying only the essentials.\u201d The report also revealed that 46% are \u201ceither dining out less or consciously spending less when dining out.\u201d<\/p>\n<p>Many Americans are also driving less, canceling gym subscriptions, and passing on summer vacations in light of the high prices, the survey found.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Organization for Economic Cooperation and Development (OECD) decreased its world economic growth forecast amid multiple crises. The intergovernmental organization now predicts 3% global economic growth for 2022 \u2014 a significant revision from the 4.5% it predicted in December \u2014 largely because of disruptions from the Russian invasion of Ukraine. \u201cThe economic outlook is pretty &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1508842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1507646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1507646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1507646"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1507646\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1508842"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1507646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1507646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1507646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}