The organization, comprised of 38 of the world’s most advanced economies, said the conflict in the Middle East was testing the "resilience of the global economy."

The organization, comprised of 38 of the world’s most advanced economies, said the conflict in the Middle East was testing the "resilience of the global economy."

The OECD downgrades forecasts for many of the world's biggest economies due to the US-Israel war with Iran.

The forecast is a sharp step up from the prior projection of 2.8%. Moreover, it is much higher than the 2.7% Fed officials estimated.

Government urged to encourage homes and businesses to be more efficient with their energy usage