3/17, 12:07 PM (Source: TeleTrader)
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OECD: Ukraine crisis likely to shrink world growth by 1%

Ukraine crisis will have a negative impact on the global economic outlook, shrinking world growth by 1%, as informed on Thursday by the OECD Secretary-General Mathias Cormann and Chief Economist Laurence Boone in the presentation of an assessment on the economic implications of the current crisis.

As per the report, though it recognizes that the direct role of Russia and Ukraine in the global output is "small," it mentions the crisis will undoubtedly affect some commodity markets, with special emphasis on wheat, corn, but also oil, natural gas, and uranium.

"Our key message here is let's be very calm. In the way we respond to this, let's be very considerate. Let's keep our commitment to keeping markets open. Let's reject a move towards protectionism because it will make a difficult situation," Cormann told reporters.

Baha Breaking News (BBN) / JG