World GDP will shrink by 1.08 percent as a result of the Ukrainian crisis, she said. Organization for Economic Cooperation and Development (OECD)

US GDP will shrink by 0.88% due to the conflict in Ukraine, and the OECD has calculated that violence in Eastern Europe will lead to a 1.4% decline in Eurozone GDP.

In its report, the OECD pointed to government spending and taxes as ways to mitigate the effects of the crisis. The organization said that a targeted increase in public spending of 0.5 percent of GDP over one year in OECD countries could offset about half of the projected decline in output from the conflict without a significant increase in inflation.

On taxes, the OECD cited windfall taxes on energy and company profits.

The conflict is also having an impact on the US economy. The White House attributed the spike in inflation to Putin's price increase, arguing that the main reason for last month's high inflation was higher gas and energy prices, which rose in response to the crisis.