Governments should use their fiscal firepower to protect the poorest citizens from devastating rises in food and energy prices, the OECD said on Thursday in the first estimate by an international organisation of the economic costs of Russia’s invasion of Ukraine.
Targeted support for the poor would almost halve the expected average 1 per cent hit to rich economies’ gross domestic product from the war but cause only a small rise in inflation, the OECD said, making it by far the most effective means of intervention.
Such support was most urgent in eastern Europe and the Baltic states, where spending on food and energy accounted for more than 40 per cent of the total among the poorest 20 per cent of households, it added.
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