The world is grappling with an “unprecedented energy shock,” the OECD says Increased energy prices are taking a heavy toll on the world economy, which will worsen if EU gas storage facilities run short, the Organization for Economic Cooperation and Development (OECD) warned on Tuesday. According to its report, the worst energy crisis since the 1970s will trigger a sharp slowdown worldwide, with Europe hit the hardest. The OECD forecasts that global economic growth will slow from 3.1% this year to 2.2% in 2023, before accelerating to 2.7% in 2024. "We are not predicting a recession, but we are certainly projecting
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