Paying the Price of War

Addressing vulnerability and promoting security
Sep 29, 2022 | OECD Interim Outlook

The Russian invasion of Ukraine has brought a heightened awareness of the link between energy policy and security, with many OECD countries still heavily reliant on fossil fuel energy and supply from Russia. According to this OECD Interim Outlook report, the effects of the war and the continuing impacts of COVID-19 outbreaks in some parts of the world have dented growth and put further upward pressure on prices, above all for energy and food. Global GDP stagnated in the second quarter of 2022, and output declined in the G20 economies. With nominal wage growth failing to keep pace with inflation, household real disposable incomes have declined in many OECD economies, curbing private consumption growth. The report notes that tensions have arisen, especially in Europe, between the immediate imperative of adjusting to the gas supply crunch created by Russia and the need to hasten the transition to net zero emissions by 2050.

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