Russia’s war in Ukraine is causing a significant negative effect on the global economy and is pushing inflation higher and for longer, Mathias Cormann, Secretary-General of the Organization for Economic Co-operation and Development (OECD), told CNN , commenting on the organization’s latest economic outlook released this week. The OECD does not expect a recession in Europe due to the war that sent energy prices sky-high, but the group has made a significant downward revision to economic growth, including in Europe, Cormann said. The cost of the EU embargo on Russian oil imports on itself would reduce economic growth by half a percentage point in 2023 and push up inflation, he added. This OECD projection, however, assumes there is no supply response from other oil-producing countries. “OPEC and other countries could substitute the supply of Russian oil if they so choose and certainly we would very much urge them to […]