OECD Warns of Further Economic Downside Risks at G-7 Meeting Amid Middle East Conflict

According to OECD Secretary General Mattias Cormann, on Tuesday, the organization warned that global economic outlook faces escalating downside risks as the Middle East conflict persists. Speaking at the Group of Seven meeting, Cormann stated that the crisis puts downward pressure on growth while simultaneously driving inflation higher. “The overall assessment is that this adds downward pressure on growth and upward pressure on inflation,” he said. OECD will formally revise its March economic assessment in coming weeks, though the dual pressure remains evident.