World Spiraling Into Recession

An employee counts US dollars at a bureau de change in downtown Rio de Janeiro, Brazil, on September 10, 2015. The Brazilian real devaluated Thursday 1.92% against the US dollar. Brazil was downgraded by Standard & Poor's financial services company and lost its investment-grade credit rating.                  AFP PHOTO/VANDERLEI ALMEIDA        (Photo credit should read VANDERLEI ALMEIDA/AFP/Getty Images)

At a glance

  • Global economic growth is slowing more than was forecast a few months ago in the wake of Russia’s invasion of Ukraine, as energy and inflation crises risk snowballing into recessions in major economies, the OECD said on Monday.
  • “The global economy has lost momentum in the wake of Russia’s unprovoked, unjustifiable and illegal war of aggression against Ukraine. GDP growth has stalled in many economies and economic indicators point to an extended slowdown,” OECD Secretary-General Mathias Cormann said in a statement.

  • Though far less dependent on imported energy than Europe, the United States was seen skidding into a downturn as the U.S. Federal Reserve jacks up interest rates to get a handle on inflation.

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