UK to be second weakest performer of world’s big economies next year – OECD
The UK will be the second weakest performer of the world’s big economies next year as the global economy continues to suffer the knock-on effects of the biggest energy shock in four decades, a leading international institution has warned.
The Paris-based Organisation for Economic Co-operation and Development said only Russia of the members of the G20 group of leading developed and developing nations would suffer a bigger contraction than Britain in 2023.
In its half-yearly economic outlook, the OECD said the UK economy would expand by 4.4% this year – the sixth fastest rate in the G20 – but contract by 0.4% next year.
Although most countries have had their growth forecasts cut by the OECD since June, only Russia’s 5.6% contraction is forecast to be more severe than Britain’s. The poor performance is forecast to continue in 2024 with expansion of 0.2% – the joint weakest alongside Russia.
Read more at The Guardian
