The Organization for Economic Co-operation and Development (OECD) warned on Wednesday that the world economy will pay a "hefty price" for the Russia-Ukraine conflict as it slashed its growth forecast for 2022 and projected higher inflation.

The Paris-based organization now sees the global economy growing by 3 percent in 2022, down from 4.5 percent predicted in December, while it forecasts that inflation within the 38-nation group of mostly developed countries will double to 8.5 percent.