OECD cuts UK growth forecast and warns of higher inflation than peers
Britain's economy will grow slower this year and next than thought only a few months ago and it will suffer higher inflation than its peers, forecasts from the Organisation for Economic Co-operation and Development showed on Thursday. Consumer prices are expected to rise more quickly in Britain during 2024 and 2025.
- Country:
- United Kingdom
Britain's economy will grow slower this year and next than thought only a few months ago and it will suffer higher inflation than its peers, forecasts from the Organisation for Economic Co-operation and Development showed on Thursday. The OECD cuts its British economic growth forecast to 0.4% for 2024 from 0.7% in February, and growth next year is expected to stand at just 1.0%, compared with a previous forecast of 1.2%.
It means the OECD expects Britain's economy will grow more slowly next year than France or Germany. Consumer prices are expected to rise more quickly in Britain during 2024 and 2025. "This forecast is not particularly surprising given our priority for the last year has been to tackle inflation with higher interest rates," finance minister Jeremy Hunt said in response to the forecast, pointing to more optimistic forecasts from the International Monetary Fund.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
Overnight storm in France kills at least one person
Important that Total stays listed in France, minister Le Maire says
Important that Total stays listed in France, minister Le Maire says
Air France, KLM, Brussels Airlines among carriers in EU greenwashing probe
MEA Clarifies Diplomatic Passport Exemption for Prajwal Revanna's Travel to Germany