This is well below the pace of recovery projected last December. Growth will be markedly weaker than expected in almost every economy due to the negative impact of the Ukrainian conflict.

The OECD forecasts that the Eurozone will grow just 2.6% this year, less than the 4.3% forecast at the end of last year. Germany and France, the two largest economies in the Eurozone, are expected to grow 1.9% (down 2.2%) and 2.4% (down 1.8%).

Growth in the US will slow down from 3.7% to 2.5%, in China from 5.1% to 4.4%, and in the UK from 4.7% to 3.6 %. 

The Russian economy can expect a recession, down 10% due to economic sanctions from the West.