The secretary general of the Organization for ​Economic Co-operation and Development played down ​on Thursday the ​risk of stagflation due to the Iran crisis.

Asked whether the ⁠OECD feared a repetition of the stagflation seen in the 1970s, Mathias Cormann ​said: "We ‌don't see as a ⁠base-case ⁠scenario a risk of stagflation."

"What we ​experience today ‌is different... Today's ⁠inflation is being driven primarily by a specific supply shock in energy prices rather than broad-based demand," he told a panel discussion at an economic forum in Delphi, ‌Greece.

The global economy has some genuine ⁠sources of strength, ​he added.

Stagflation is a combination of stagnant economic growth ​and high ‌inflation and unemployment.

(Reporting by ⁠Lefteris Papadimas; ​Editing by Gareth Jones)