Paris: Russia's war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation, which will remain high into next year, according to the Organization for Economic Cooperation and Development.

According to the Paris-based organisation, global growth will be a modest 3% this year before slowing further to 2.2 percent next year, representing around $2.8 trillion in lost global output in 2023.

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The Ukraine conflict has pushed up global food and energy prices, with Russia a key global energy and fertiliser supplier, and both countries major grain exporters to millions of people already facing hunger.

Meanwhile, China's COVID-19 blockades have closed down large portions of its economy.

"Because of the war, the burden of high energy and food prices, and China's zero COVID-19 policies, growth will be lower, and inflation will be higher and more persistent," OECD Secretary-General Mathias Cormann told reporters in Paris.

Because of the inflation and energy supply shocks, the OECD predicts that annual economic growth in the United States will slow to around 1.5 percent this year and only 0.5 percent next year.

The group forecasts 1.25 percent growth in the eurozone's 19 countries this year, with risks of deeper declines in several European economies during the winter months, and 0.3 percent growth in 2023.

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It raised the prospect of European energy shortages after Russia reduced supplies of natural gas used to heat homes, generate electricity, and power factories. Shortages could drive up global energy prices and force businesses to ration, sending many European countries into recession next year, according to the OECD.

China's growth is expected to slow to 3.2 percent this year. Except in 2020, when the pandemic strikes, China's growth rate would be the slowest since the 1970s. It is expected to rise slightly to 4.7 percent next year, according to the group.

In most Group of 20 countries, inflation is expected to fall gradually over the next year as central banks continue to raise interest rates and global growth slows. In the G-20 economies, headline inflation is expected to fall from 8.2 percent this year to 6.6 percent in 2023, but this is still far above many central banks' 2 percent target.

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"These difficult economic circumstances will necessitate bold, well-designed, and well-coordinated policies," Cormann said.

The OECD called for immediate assistance for those most affected by rising prices, additional interest rate hikes by central banks, climate policies that follow countries' pursuit of alternative energy sources, and international cooperation to strengthen food supplies.