The Organisation for Economic Cooperation and Development has slashed growth forecasts in the global economy, following a similar move from the World Bank.
Yesterday, the World Bank issued a stark warning the global economy is staring down a period of "stagflation" that's reminiscent of the crisis of the 1970s.
The OECD now projects the world economy to grow 3 percent this year - much less than the 4.5 percent expected from the last economic health check in December.
The OECD Secretary General Mathias Cormann says Russia's war will continue to push inflation higher and challenge global food supply.
But the OECD has fallen short of projecting a so-called "stagflation".
Washington's Peterson Institute for International Economics senior fellow Joseph Gagnon spoke to Corin Dann.
