The consequences of war in Ukraine could cost one percent of global GDP, while inflation would increase by an average of 2.5 percentage points, the report by the Organization for Economic Cooperation (OECD) said.

This scenario assumes a 10 percent decline in Russia's economy and an acceleration of inflation to 15 percent for the year. Ukraine's GDP decline is then estimated to be as much as 40 percent.

The negative influence on other countries will be mainly connected with limitation of wheat supply (decrease of export will result in deficit in many developing markets and increase of prices on energy resources and metals. The war caused an economic shock of indefinite duration and depth, experts noted.

The impact on the global economy will depend on the duration of the war and the response of governments. In December, the OECD predicted global GDP growth of 4.5 percent this year and 3.2 percent next year.