Australia will have one of the highest inflation rates among advanced economies and will face one of the worst disruptions to fertiliser supplies due to conflict in the Middle East, which could hurt farm output and push up food prices, the Organisation for Economic Cooperation and Development has said.
Despite the growing prospect of a global economic slowdown from the war over Iran, the OECD’s interim economic outlook expects Australia’s economic growth to be among the best at 2.3 per cent this year.
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